Recovery Summer Continues!!!!

[Mr. Shaman]

November 16, 2010

Upsized GM IPO Could Be Biggest Deal Ever​

"General Motors Co GM.UL is boosting the size of its common stock offering by more than 30 percent to $15.5 billion, two people familiar with the matter said, potentially making its landmark IPO the largest offering ever.

The expansion is in response to surging demand from investorshttp://www.reuters.com/article/idUSTRE6AB43H20101117, who had put in orders worth of $70 billion for GM's common shares by late on Tuesday, the sources said.

GM's initial public offering, which will reduce the U.S. Treasury to a minority shareholder in the top U.S. automaker, could raise nearly $23 billion if underwriters exercise the full overallotment option.

If the GM IPO performs well, it could trigger a shift in public sentiment about the Obama administration's unpopular bailout of the U.S. auto industry in 2009, Coulter said.

​

 

[Annie]

and yet, no relief for America:

http://www.nytimes.com/2010/11/05/business/05views.html

Reuters BreakingViews
Protracted Wait for G.M. Payback
By ANTONY CURRIE and GEORGE HAY
Published: November 4, 2010

Taxpayers will have to wait a while to reclaim the money invested to keep General Motors out of the scrapyard. The carmaker is running far more smoothly after declaring bankruptcy last year: it earned as much as $2.1 billion in the three months to September, its third straight quarter of profits. But the terms of G.M.’s coming share sale show that, once public, the stock will have to as much as double before its biggest shareholder, the United States government, gets close to breaking even.
...

 

[Mr. Shaman]

and yet, no relief for America

.....Besides more jobs.

Ain't it a bitch.

​

 

[Mr. Shaman]

November 16, 2010

GM To Step Up Production For Chevrolet Volt​

"General Motors is stepping up production of its new Chevrolet Volt electric vehicle to try to meet "huge demand," a top executive said on Tuesday.

Speaking at an event where the Volt was named Motor Trend magazine's 2011 Car of the Year, GM product chief Tom Stephens said: "If you look at where we were originally, in terms of what we thought the volume would be, we have stepped it up."

He confirmed that GM had asked South Korea's LG Chem, which began supplying batteries for the Volt in September under a six-year exclusive contract, to increase its production.

"What do you hope for if you're in the manufacturing business?" Stephens said. "To always have more demand than you can supply. They always say that's a good problem to have. That's the problem that we have right now."

​

 

[Mr. Shaman]

October 18, 2010

Ford Wixom Vehicle Assembly Plant Gains New Lease On Life As Renewable Energy Park​

"Ford Motor Company’s idled Wixom Assembly Plant will be redeveloped into one of the nation’s largest renewable energy manufacturing parks.

Ford has reached an agreement in principle to sell Wixom Assembly Plant to Xtreme Power of Austin, Texas, and Clairvoyant Energy of Santa Barbara, Calif., which will manufacture energy storage systems and high-efficiency solar panels at the site.

Clairvoyant Energy and Xtreme Power plan an initial investment of $725 million to redevelop the 320-acre site and its 4.7 million square feet of plant space. The renewable energy manufacturing park is expected to create more than 4,000 jobs on site and in the surrounding area, as well as support thousands of indirect jobs.

Over the past nine months, Ford has worked with Clairvoyant Energy, Xtreme Power and state and local officials on a redevelopment plan for Wixom Assembly that will provide significant economic development for Michigan, and that is consistent with Ford’s commitment to environmental sustainability."

 

[Mr. Shaman]

Remembering when........​

“It’s basically going to be a government-owned, government-run company. …It’s the road toward socialism.” - Sen. Richard Shelby (R-AL)

 

[Jarhead]

Remembering when........​

“It’s basically going to be a government-owned, government-run company. …It’s the road toward socialism.” - Sen. Richard Shelby (R-AL)

Yep...and thank God we did not allow that to happen. If not for those like Shelby warning of what was happening, I would bet my house that the offering never would have taken place...ionterestingly.....not long after the election.

I wonder if the offering would have taken place if the democrats kept both houses....hmmmmm

 

[Mr. Shaman]

Remembering when........​

“It’s basically going to be a government-owned, government-run company. …It’s the road toward socialism.” - Sen. Richard Shelby (R-AL)

Yep...and thank God we did not allow that to happen. If not for those like Shelby warning of what was happening, I would bet my house that the offering never would have taken place...

LOL!!!!!!!!!!!!!!

That's rich......lemme write-that-one-down.

I'll put it right-next-to:​

"The success of the IPO is good news for the Obama administration, which faced criticism for bailing out GM, and will help the automaker shed its "Government Motors" label."

 

[KissMy]

October existing home sales fall more than expected

Sales fell 2.2 percent to a seasonally adjusted annual unit rate of 4.43 million units from September's 4.53 million unit pace, the group said. Economists polled by Reuters had expected existing home sales to fall to a 4.49 million unit pace in October. U.S. stocks added to losses after the data.

This does not look like a "Recovery Summer."

Oh - I get it.

"Recovery Summer" is over so this doesn't count. We have now entered the Winter of Discontent.