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Pinch me--General Motors has exited bankruptcy and is now ready to take on its second life as a streamlined company. Its CEO, Fritz Henderson, has vowed to make cars that Americans are eager to buy. What an amazing statement. If that's the sentiment at the world's formerly largest auto manufacturer, what has GM been doing for the last 30 years?
The President has announced that the United States government is purchasing 17,600 fuel-efficient and hybrid vehicles to add to its fleet. The total amount of this purchase, approximately $285 million, will be drawn from stimulus funds; the cars will be operated in part by the General Services Administration. Although the expenditure barely scratches the surface of the $17.4 billion in loans to General Motors and Chrysler, it is still a rather healthy amount--most likely the largest single purchase of automobiles in the nation's history.
Every day media coverage of the Obama administration's stimulus package(s) and efforts to revive the economy is primarily negative in regards to bonuses, bailouts to irresponsible financial institutions as well as the Secretary of Treasury, Timothy Geitner. The feeding frenzy continues over and over again and unfortunately misses some of the plan's positive outcomes.
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