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Stunning Fact Of The Day: In 2014 GM Has Recalled More Cars Than It Sold In 2013 And 2012
Just as we were about to proudly announce that today was one of those rare days when the bailed out consortium of union votes for purchase also known as Government General Motors did not announce the now generic daily recall of its atrociously built flaming paperweights, here comes the late afternoon stunner and proves us wrong yet again:
- GM TO RECALL 3.16M 2000-'14 MODEL YR CARS ON IGNITION ISSUE
- GM SAYS HAS LAUNCHED 44 RECALLS THIS YEAR
- GM SAYS TOTAL NORTH AMERICA RECALLED CARS NOW 20.0 MLN
More details from Bloomberg:
GM told NHTSA it would recall 3.16m older model vehicles because combination of too much weight on key chain and “jarring event” may cause ignition to inadvertently rotate to accessory position. Also announced 5 other recalls decided last Wednesday. Sees charge up to $700m in 2Q incl. $400m for May 15, May 20 recalls.
And the bottom line, and why this entire bailout farce is now beyond simply criminal and purely ridiculous: as of this moment, GM has recalled more than double the number of cars it sold in all of 2013, or, another way of putting it, more than the total number of cars it sold in 2013 AND 2012 combined.
The good news, all those dealer and non-dealer parking lots still have space to accommodate more GM "sales" that just sit there and wait.
The bad news: all the dealer and non-dealer parking lots are getting full.
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I sometimes forget but recall is a good thing, right?
I can't recall.
Isn't this a Keynesian's wet dream?
$11.2bn of tax dollars later...
and GM are still making absolutely shit cars.
USA is making Stalin proud.
Last post for the day.
Fucking love it how CH.11 bankruptcy fraud is now being used as a bullish case for GM
http://online.wsj.com/articles/gm-says-it-has-a-shield-from-some-liability-1402874861?mod=WSJ_hps_sections_business
Fuck you Schumpeter!
wut?
(don't get it Occident, I'm dumb and slow)
edit: got it, I'm dumb & slow.
another stunning fact:
GDP has been redefined so that each recall contributes
not only the repairs performed during the recall itself, but the repaired vehicle when returned to its owner counts toward gdp a second time
this is Great News for the GDP
Why should GM worry about making money when Uncle Satan can print it whenever GM is in trouble?
Makes that 50% haircut "we" took on the stock loss that much more stomachable. Fuck you cronyists!
Look, GM is bankrupt again. It's official. Their audit this year shows it pretty clearly. The accountans have various opinions about how long they can keep it a secret ranging from 8 to 16 months. By the time it's all said and done, a 50% loss actually will beat the average, but it doesn't matter because it's all imaginary anyway.
Edit: No, I'm not one of the accountants. I may or may not have actually spoken to someone on the accounting team.
Chapter 22, Here We Come!!
...and this pig is up 1.2% on the day ....just another reward for failure
General Recall Motors and Wheels.
Total Recall
Broken Car Fallacy
LOL. Good!
This must be GDP postitive due to all of the extra wages paid to employees.
Extra wages, extra freighting, extra diesel consumption by car carriers, extra redesigning, extra re-backtodadrawingboard-ing, extra promotional campaigns, extra re-fills of pharma perscriptions to employees of dealerships ... Krugman's eyes just rolled into the back of his head out pure ecstacy. He is right now thumbing his sphincter to leverage the pleasure, as I type this.
No problem! GM makes 10,000 dollars on every sale!
This is good news! Think of all the jobs that will be created!
<sarc>
So they just building usefull cars and can't sell any. How is it still working???
No money down! No credit checks! 8 year loans!
Step right up sucka!
Who cares about recalls?
This should have been filed under "Monday Funnies" because that's fucking HILARIOUS.
Shit, we aren't even half way through the year, either. I wonder what the year-end total will be, because at this pace, they might hit a total of 40 million recalls.
That would be over 1 car out of 10 proportionate to US population. Staggering.
Just a sign of cheapening parts to save $$.
But you can have all the value added crap you (don't) want like bluetooth and all the other fancy (read expensive to fix) crap.
Never thought things would get bad enough that GM could fuck up an ignition switch.
<facepalm>
pods
Here I was assuming it was an electrical/computer issue, but no, they can't even make a dependable mechanical switch.
Gm became a pension fund and lender of debt that also built cars. It's hard to get back to just cars a do it well. Lol should have been broke up and sold off the first time
TOTAL RECALL!!!! Why the hell did i buy this piece of sh....(explosion)
Apparently, Total Recall x2.+
How does it even work to recall 20 million vehicles?
If all the mechanics at all the GM dealers in the USA work full-time on recalled cars how long will it take to get through 20 million? 3 years? 5 years? More.
And how can GM possibly pay for this? With the next bailout I presume is the plan.
Yes, but to be fair, most of the cars that they have sold will never be paid off, and will require repossessing.
that is the new angle, will the debter die before the repo?
Hey but they have a woman CEO, and isn't that the only thing that really matters? To hell with quality, the important thing is to make sure we are politically correct.
Clearly, JUST having a woman CEO isn't diversity enough.
Quality and Equality are mutually exclusive. Lowest common denominator excludes high achievers. Can't be the best when your goal is to include all the rest.
GM is now just another Mulitkult Potemkin like universities, government, and mass media, protected on high by Diversity Kommisars. Race to the bottom, USSA!
Recall is a spell in a game, nothing so see here,moving on=)
Soon enough GM will announce recalls on cars which have yet been produced.
A history of GM slogans and general bullshit:
http://adage.com/article/special-report-chevy-100/100-years-chevrolet-ad...
In the GDR, you ordered your Tribant at birth and by the time they reached 18, it would roll of production line.
KEINE RÜCKKEHR. AS verkauft wird. KÄUFER hüten.
Aren't Trabants too toxic to recycle?
If you bought a GM car in the last 30 years you'll need to look somewhere else for sympathy.
I heard some media assclown explaining how recalls are good because it shows that GM is being proactive and adding value to cars by fixing them.
At this point it's pretty safe to assume GM is wreaking havoc waaaay more bailed out than bankrupt.
Keep 'em tax dollars comin'.
In your face "common sense".
Proof that bailing a company out only perpetuates incompetence!
Okay,
So when will we be legally required to buy a GM?
The precedent has been set. It is just a tax.
Who else with a politician in their pocket might want everyone to be REQUIRED to buy their 'services'????
The INSURANCE cartel?
The LEGAL cartel?
Microsoft or Google in return for all the Intelligence they've delivered?
Time will tell.
Because it will be someone and something.
You are legally required to by a GM. It's called the bailout.
Boosting GDP on crutches.
Holy cow...the ol' key fob and push button start is looking mighty attractive now isn't it GM
TOTAL RECALL!
...except there are no 3-tittied women :(
Plenty of other mutuants though.
I'm not sure about the more recent models but used GM trucks are a good value, especially if you can repair doors and windows yourself.
You should also be aware that many used vehicles will have incorrect parts. Incompetence is rife among used car make ready depts. Deliberate in some cases. This is even true of used car only dealers. If you're knowledgeable this provides opportunities for bargain hunting and bargaining.
Had a GM truck....cheap rattle trap but it looked good.
When will the recovery be recalled?
When does the stock hit a new high? Daily? Hourly?
Al Queda on the run!
GM alive!
Fuck.
With this news the stock price is sure to go up.
They're really taking this bad news is good news strategy very seriously..
Why do Americans keep buying junk like GM cars?
If you want a nice expensive car, buy German.
If you want a cheaper good quality car, buy Japanese.
Ford builds the best american cars/trucks imo. German cars are mind numbing to drive after awhile almost boring, but are the best overall. Asian cars are tools to get from a to b.............. reliabilty is the best imo.
The fact of the day should be that more dollars are collected by the Federal Government in taxes than all the profits of ALL American businesses after taxes.
Your Federal Government: 1.934 Trillion Dollars
Amercan Business after Tax: 1.655 Trillion Dollars (source: BEA GDP Report)
Seems that the Federal government is profitting more from the private sector than the private sector.
Marx would be pleased.
19 million pieces of shit recalled, yet the stock stays green..... ;)-~~~~
Now would htat ratio be even higher if it counted real customer sales vs channel stuffing as sales too?
Talk about timing .... I just recieved a letter in the mail today informing me that the car I bought from them in '04 may have a potential problem with the steering as the electric power steering (EPS) might basically crap out at any given moment whilst driving said car and while they realize this is a serious problem, unfortunately they do not posess the parts to fix the problem, they will notify me when they do.
Jeez, I hope those nice union folks don't lose their jobs. If everyone just sits down and has a nice meal I'm sure this can all be worked out. Bwwwwaaaaaa TBTF shits all over the american people who's money it used to be bailed out one piece of shit car at a time. You gotta love the irony.
Kudos -- I'm not seeing the usual "it's the (union) workers fault the cars aren't better" thinking here. Not that I'm pro-union ... I just have this CRAZY idea that assemblers can't make something any better than ... wait for it ... THE DESIGN (hint: engineering).