• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Channel Stuffing At GM Hits Record: 574,000 Cars In Dealer Inventory, Despite No Interest Loans, Highest Car Discounts

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Fri, 04/01/2011 - 11:24 | 1125170 bob_dabolina
bob_dabolina's picture

I wouldn't take a GM car if you paid me for its lot value.

Fri, 04/01/2011 - 11:26 | 1125177 Long-John-Silver
Long-John-Silver's picture

I would take one IF you gave it to me......

http://www.scrapindex.com/auto/usa/automotive_scrap/index.html

Fri, 04/01/2011 - 11:37 | 1125187 Dr. Engali
Dr. Engali's picture

I would then I'd turn around sell it and put a down payment on a new BMW.

Fri, 04/01/2011 - 20:28 | 1127063 Sheriff Douchen...
Sheriff Douchenik from AZ's picture

With what you got selling it, I'd call it one months payment instead of a down payment.

Fri, 04/01/2011 - 11:36 | 1125208 WALLST8MY8BALL
WALLST8MY8BALL's picture

GM Car or Goverment Cheese? Hmmmmmmm.........

Fri, 04/01/2011 - 11:56 | 1125218 hedgeless_horseman
hedgeless_horseman's picture

I wouldn't take a GM car if you paid me...

Nor would I.  However, many people are being paid to drive a GM bailoutmobile.  Where I live, every cop, sheriff, constable, homeland security agent, meter maid, district attorney, building inspector, fire inspector, health inspector, water official, sewer tester, and dog catcher is driving around in a brand new GM, courtesy of the tax payer. 

Did I mention we pay for their $3.59/gal gasoline, too?  So who cares about fuel efficiency?  A fleet of 14 mpg Tahoes, anyone?  Why the fuck not?

http://www.gmfleet.com/police/?seo=goo_|_2010_Police_|_Fleet_Law_Enforcement_|_Police_|_gm_cop_car

Fri, 04/01/2011 - 12:02 | 1125286 Miss Expectations
Miss Expectations's picture

I wonder if the Chevrolet Express Prisoner Transport (CEPT) comes in any colors besides black?

Fri, 04/01/2011 - 13:24 | 1125595 NidStyles
NidStyles's picture

How else do you expect them to keep up the $15 Billion a year War on Drugs?

Fri, 04/01/2011 - 11:45 | 1125240 tmosley
tmosley's picture

I would.

Think of all the cool things you could do with it, like making a new and improved Carhenge, or destruction derby, or smashing them into tiny blocks and building a giant lego tower out of them!

The possibilities are endless!

Fri, 04/01/2011 - 11:46 | 1125242 bob_dabolina
bob_dabolina's picture

That would mean I would have to look at it.

Fri, 04/01/2011 - 12:13 | 1125352 camaro68ss
camaro68ss's picture

I would take the engine out and put a BBQ under the Hood

Fri, 04/01/2011 - 12:24 | 1125404 Herman Strandsc...
Herman Strandschnecke's picture

Yeah, well, take a look at chevrolet UK to realise how lucky you are over the pond.

Talk about lipstick on a pig.lol

Fri, 04/01/2011 - 13:29 | 1125615 patience...
patience...'s picture

I've also been seeing a lot of giveaways of Gov Motor products. Cabelas is giving away 50 trucks, a local casino is also constantly giving away GM trucks.

Fri, 04/01/2011 - 13:31 | 1125627 GubbermintWorker
GubbermintWorker's picture

I work for the gov't and even I wouldn't buy a Governtment Motors vehicle!

Fri, 04/01/2011 - 11:27 | 1125172 tallen
tallen's picture

Looks like government motors is back on the way to chapter 11.

Fri, 04/01/2011 - 11:35 | 1125212 Dr. Porkchop
Dr. Porkchop's picture

Bankruptcy is passe.. bailouts are the thing.

Fri, 04/01/2011 - 11:26 | 1125175 Cognitive Dissonance
Cognitive Dissonance's picture

Haven't we seen this movie before? I can't exactly place it, but it feels like a bad rerun to me.

/sarc

Fri, 04/01/2011 - 11:28 | 1125183 Long-John-Silver
Long-John-Silver's picture

The Second Dip has started and it will be worse than the first.

We are repeating the First Great Depression.

Fri, 04/01/2011 - 12:17 | 1125375 cossack55
cossack55's picture

Must disagree. In the thirties people were desperate for work. Now they're desperate for 99 weeks free money and SNAP cards.

Fri, 04/01/2011 - 13:26 | 1125604 patience...
patience...'s picture

True but, as long as we linger like a ship without a sail the 99 weekers will fall by the wayside.

Fri, 04/01/2011 - 13:34 | 1125648 MachoMan
MachoMan's picture

Bingo...  they're all going to be handed a shovel very soon...

Sat, 04/02/2011 - 14:31 | 1128184 sun tzu
sun tzu's picture

They can always go on lifetime welfare. The welfare to work program passed in 1998 was repealed by Obamacare.

Sun, 04/03/2011 - 10:26 | 1129641 MachoMan
MachoMan's picture

Kind of like they can retire too and have a lifetime income stream? lol...  you can do anything until the money runs out or someone important enough calls bullshit.  I strongly suspect governmental handouts in the future will come with plenty of strings attached, including infrastructure repair...  e.g. work that requires a shovel.  The concept of sitting at home AND collecting money is going to be.....  a thing of the past.

Fri, 04/01/2011 - 12:18 | 1125368 quasimodo
quasimodo's picture

Curious what others here think will happen the price of petrol when we hit this double dip? I don't see it going sub $2 in my lifetime. Methinks it might behave quite the opposite as it did a few years ago

Fri, 04/01/2011 - 13:24 | 1125606 NidStyles
NidStyles's picture

Propane.

Fri, 04/01/2011 - 11:27 | 1125180 Rogerwilco
Rogerwilco's picture

It runs deep -- these days.

One of my poor-for-life relatives needs more debt like he needs a hole in his head, but the GM siren song of 0% financing is luring him ever closer to the rocks.

Fri, 04/01/2011 - 11:28 | 1125182 AR15AU
AR15AU's picture

Can't wait for these bailout queens to implode...

Fri, 04/01/2011 - 11:32 | 1125191 Cash_is_Trash
Cash_is_Trash's picture

Let them collapse, don't pick up the pieces for them damnit!

Fri, 04/01/2011 - 11:37 | 1125221 NotApplicable
NotApplicable's picture

They will not be allowed to implode, or collapse, comrades.

My guess is that some Pentagon contractor will buy them all and use them to further mobilize all of the rebels in the Glorious Revolution.

Fri, 04/01/2011 - 12:10 | 1125322 Clockwork Orange
Clockwork Orange's picture

Then shoot them.  On pay-per-view.

Fri, 04/01/2011 - 12:10 | 1125323 Clockwork Orange
Clockwork Orange's picture

.

Fri, 04/01/2011 - 11:30 | 1125184 NOTW777
NOTW777's picture

is ben buying tractors? DE is rippin

Fri, 04/01/2011 - 11:33 | 1125202 Rogerwilco
Rogerwilco's picture

I heard there was a big shakeup at Kubota.

Fri, 04/01/2011 - 11:45 | 1125239 carbonmutant
carbonmutant's picture

Sombody is. CAT gapped up this morning... again

Fri, 04/01/2011 - 12:19 | 1125382 cossack55
cossack55's picture

On the news they may be fleeing the Peoples Democratic Republic of Illinois.

Fri, 04/01/2011 - 13:22 | 1125593 carbonmutant
carbonmutant's picture

He's just trying to get Quinn to give him some tax breaks. Sounds bullish...lol

Fri, 04/01/2011 - 11:31 | 1125185 B9K9
B9K9's picture

If we're driving down one of the major boulevards, I sometimes like to freak out my kids by asking them out of the blue if we should stop by & buy a new Corvette.

In fact, I state categorically that we could drive away with a new 'Vette in around 5-10 minutes. They know we have the economic means, but also know we're pretty conservative, so it doesn't compute.

The point I'm making, as I patiently explain, is that the entire economy is based on some schmuck signing on the bottom line. That's all it is - no jobs, no wealth, no production, just mindless, unsupportable consumption.

Fri, 04/01/2011 - 11:34 | 1125205 Cocomaan
Cocomaan's picture

"Mindless unsupportable consumption" is right. Many are getting to the point where they realize you don't need a new car every year anymore.

Fri, 04/01/2011 - 13:28 | 1125618 NidStyles
NidStyles's picture

I've been driving the same truck since '98. The previous owner drove it since it was new in '89. I still get better mileage than most of the newer cars that are not all trunk and glass.

Fri, 04/01/2011 - 11:59 | 1125275 Mad Max
Mad Max's picture

The point I'm making, as I patiently explain, is that the entire economy is based on some schmuck signing on the bottom line. That's all it is - no jobs, no wealth, no production, just mindless, unsupportable consumption.

The problem is that once a sufficiently large portion of the population is corrupt and stupid, the functional rules flip over to bizarroworld rules, and people like you and me still following the previous intelligent rules are essentially bagholders for the idiot mob following the new "rules."

You need to ask yourself whether you want to stand stoically on moral principles that few still adhere to.  This is a very troubling question and I do not think there is an easy answer if one thinks about it.

Fri, 04/01/2011 - 12:24 | 1125393 cossack55
cossack55's picture

The easy (and only) answer is YES. However, I have very few friends.

Fri, 04/01/2011 - 12:45 | 1125465 Almost Solvent
Almost Solvent's picture

Taking out a 0% loan over 72 months from Ally Financial (GMAC) with no real prospect of paying it back is no different than GM taking taxpayer dollars at 0% with no real prospect of paying it back.

 

Quick question: Getting a 9th credit card from TBTF bank to rollover the balance one can't pay anyway on the other maxed out 8 cards from TBTF bank; who is to blame?

 

Why not burn baby burn (the oil) while the getting is good? Absent some great leap forward in energy production, 50 years from now will look like 150 years ago.....

Fri, 04/01/2011 - 13:32 | 1125646 patience...
patience...'s picture

" 50 years from now will look like 150 years ago....."

Maybe not such a bad view.

Fri, 04/01/2011 - 14:23 | 1125872 Mad Max
Mad Max's picture

Except it will be a lot dirtier and nastier, and the only places you will be able to mine metals will be dumps aka landfills.  Really bright future.

Fri, 04/01/2011 - 15:17 | 1126126 hedgeless_horseman
hedgeless_horseman's picture

Have you read Kunstler's The Long Emergency, World Made By Hand, and The Witch of Hebron?

 

Fri, 04/01/2011 - 12:46 | 1125466 malek
malek's picture

And the cherry on top is that some people still believe the schmuck is going to pay off the junk he signed for! Can you believe that??

Fri, 04/01/2011 - 11:30 | 1125189 hungrydweller
hungrydweller's picture

Better to convert worthless fiatscos to some type of hard asset now, while you still can.  Even if it is a pile of dung on four wheels.

Fri, 04/01/2011 - 11:32 | 1125200 Long-John-Silver
Long-John-Silver's picture

A Horse or Mule should be what you should buy. They don't run on gasoline which you can't afford.

Fri, 04/01/2011 - 11:31 | 1125193 Slartebartfast
Slartebartfast's picture

Bullish!  Very bullish!

Fri, 04/01/2011 - 11:36 | 1125207 Long-John-Silver
Long-John-Silver's picture

and you CAN eat Bulls!

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