Rush Limbaugh's Morning Update: New America!
From Rush Limbaugh: There's rising anger out there, folks, over the decision to force Chrysler to shut down auto dealerships -- including profitable ones. Many dealerships are decades-old family-owned businesses. Now they have 100 days to sell every car on their lot, and after that, get lost.
There are 44,000 cars sitting in the 800 dealerships that are being closed. Dealers took out loans to buy inventories to be repaid when the cars were sold. Normally, unsold inventory would be sold back to Chrysler, but Chrysler doesn't have cash to buy back inventory.
The company worked out a deal with GMAC to provide loans to allow surviving dealers to absorb the inventory. Unfortunately, with sales down 46 percent, surviving dealers are not inclined to purchase more inventory -- which means dealers forced to close might also be driven into personal bankruptcy because their government has ordered their business and way of life destroyed, whether they were making a profit or not.
Meanwhile, Obama's auto czar, Steve Rattner -- who ordered the closings -- is facing anger over his plan to continue construction on a 15,000-square-foot summer home in Martha's Vineyard. Neighbors complain the $15 million house is too big and gaudy. But Car Czar Steve Rattner couldn't care less. Why should he? If his neighbors don't like the new rules, they -- like the car dealers -- can just get lost! See, Rattner has the power; his neighbors don't (they're also libs, by the way). This is... the new America: the government gets what it wants, you get the shaft.
Read the Background Material on the Morning Update...
• CBSNews.com: For Car Dealers, Shock Turning To Anger
• AP: These cars have got to go -- Dealer cuts mean deals
• NYPost: Car Czar Steven Rattner Rides Over Vineyard
There are 44,000 cars sitting in the 800 dealerships that are being closed. Dealers took out loans to buy inventories to be repaid when the cars were sold. Normally, unsold inventory would be sold back to Chrysler, but Chrysler doesn't have cash to buy back inventory.
The company worked out a deal with GMAC to provide loans to allow surviving dealers to absorb the inventory. Unfortunately, with sales down 46 percent, surviving dealers are not inclined to purchase more inventory -- which means dealers forced to close might also be driven into personal bankruptcy because their government has ordered their business and way of life destroyed, whether they were making a profit or not.
Meanwhile, Obama's auto czar, Steve Rattner -- who ordered the closings -- is facing anger over his plan to continue construction on a 15,000-square-foot summer home in Martha's Vineyard. Neighbors complain the $15 million house is too big and gaudy. But Car Czar Steve Rattner couldn't care less. Why should he? If his neighbors don't like the new rules, they -- like the car dealers -- can just get lost! See, Rattner has the power; his neighbors don't (they're also libs, by the way). This is... the new America: the government gets what it wants, you get the shaft.
Read the Background Material on the Morning Update...
• CBSNews.com: For Car Dealers, Shock Turning To Anger
• AP: These cars have got to go -- Dealer cuts mean deals
• NYPost: Car Czar Steven Rattner Rides Over Vineyard
posted by Andy W. Rogers | 7:30 AM
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