Daily News Briefs: June 5, 2012

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Republican presidential nominee Mitt Romney says he would sell off the remaining U.S. shares in GM, which the Obama administration has held for more than three years. Taxpayers still own 26% of GM. If the U.S. Treasury sold its remaining stake at GM's current share price, it would amount to a $16 billion loss on the $49.5 billion bailout. "The president is delaying the sale of the shares to try and avoid the story that the taxpayer took another loss," Romney told the Detroit News. He also added that the government's corporate average fuel economy (CAFE) program, which will nearly double fuel-economy standards to 54.5 mpg (translating into the high 30s for window-sticker EPA figures), has the government pushing too many cars that the market doesn't want, such as electric vehicles. The Obama campaign fired back, saying Romney is "the last person who should be offering advice" about Detroit automakers. Romney wanted GM and Chrysler to finance their 2009 bankruptcies with minimal federal support, but opponents contend that at the time, no major private lender would offer terms.

In other news:

  • With a wave of redesigns on its popular cars, Nissan hopes to reach 10% of the U.S. new-car market by 2016, the Detroit Free Press reports. Through the first five months of this year, the automaker, including its Infiniti luxury division, has 8.1% of the market.
  • Elsewhere, Nissan hired Audi of America chief Johan de Nysschen to run Infiniti worldwide, Automotive News reports. In a nod toward the brand's growing presence in China, Nissan moved the luxury brand's global headquarters to Hong Kong last month. 

Related
More Automotive Industry News
More Nissan News
More Automotive News on Cars.com

Comments 

Highdesertcat

Romney can say anything he wants. Talk is cheap. Romney doesn't stand a snowball's chance in hell to get elected.

There simply aren't enough voters who will rally behind Romney and most Independents, like myself, think that Romney is as bad as the other.

I think a lot of voters will stay home again this November. But everyone that's been helped by Obama's socialist-welfare policies will turn out to re-elect Obama so they can get more of the same.

And as far as GM is concerned, should GM need another bailout in the future, the US government will readily bail GM and the UAW out again, regardless of who is in power or who resides in the White House.

To do otherwise would mean that the first round of bailouts, handouts and nationalization was a mistake, and constituents do not take kindly to mistakes.

Paul

Keep drinking the Kool-Aid. Romney will be our next President.

Highdesertcat

Only time will tell.

Were you also the one who wrote in 2008 that McCain was infinitely more qualified to be President and that McCain would be our next President?

A lot of voters stayed home then too.

Remember, Presidents are not elected by the voters. Presidents are elected by the electoral college.

Voters will vote on local issues but may skip voting on candidates for national office.

Technically, electoral representatives can vote whichever way they want.

I worked enough polling stations to see ballots with blanks left on them for national office.

I believe the same will happen in November 2012 - lots of blanks left for national office.

Obama wins by default since his supporters will vote for him and will make up the majority of the minority of voters who will turn out.

It's happened before. Check election history and voter turn-out.

Brace yourself for what Obama will unleash in the next four years.

Many people are doing just that. Bailing out while the bailing is still good, if you're old enough to do so. If you're young, you'll be paying for it all.

Now is a great time to buy a house or a new car. After the election you will be lucky to keep what you got.

Paul

Time to adjust your tin foil hat.

meh

Voters do not vote on local issues. Look at the voter turn out numbers.

The highest numbers occur during presidential races. Local/state only elections have the lowest turn out.

This is because the big race comes with big dollars and big advertising budgets, not to mention the extended media coverage.

When's the last time you saw The Big Bang Theory preempted for your local mayoral debate?

George

Who is this guy 'Mitt'?
The guys's name is Willard.

Highdesertcat

"Voters do not vote on local issues. Look at the voter turn out numbers."

They do if they care about taxes, bond issues, business development and zoning, Judgeships, District Attorney candidates, and a whole host of unique local issues.

The reason more people turn out for presidential races is because that's when the most issues are also included on the ballots to take advantage of the turnout.

During the off-years, voter turn-out is dismal. That's why the Democrats are going balls to the wall now in Wisconsin to get any and all people to the polls for the recall election.

The loyalists will each vote for their candidate. It's the Independents and the apathetic sporadic voters who make the difference and decide an election.

Dan

HDC-

Do not feed the troll.

R6

He is the troll, the one introducing politics and silly statements.

ForwardThinker

Agree with R6... leave your political BS for another site, this is about cars. I have no idea what the idiot statement from Romney has to do with car buying choices, so why is cars.com posting it?

Highdesertcat

"I have no idea what the idiot statement from Romney has to do with car buying choices, so why is cars.com posting it?"


I agree. The Daily News Brief about Romney's comments served no purpose.

In order for Romney to be able to sell the GM stock held by the Treasury he assumes that there will be a buyer. Nobody's buying a depressed GM stock without a future. Not now. Not in the future.

Therefore I can only conclude that it must have some political motivation to evoke discussion. In that it succeeded.

Lance

It's just a news bit that has a nationally prominent person commenting on GM which is part of the auto industry which is what cars.com covers. They do more just help people buy cars. They also cover a little industry news.

Cars.com mentioning it doesn't mean they want to create a political discussion...it's just a little news item. Jeeesh.

Peter

I agree with Mitt Romney's statement in selling the remaining GM stock. I trust his judgement is better than the Administration's as they initially said we the tax payer not only would get all of our money back but we'd also make a profit. That clearly is not the case and who says it won't get even worse. I say sell, take the loss, and let GM be GM without any government interference. For the record I'm a Democrat and I supported the bail-out. The loss on the stock will be a cost of doing business but at least we'll now know it can't go further down in value as it has over the last three years.

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