Just when we thought we could take a breather from Barack Obama’s wacky policies, he reached across the Atlantic today to drop another one on us: the White House today announced that GM and Chrysler’s participation in NASCAR racing must end at the end of the 2009 season.
Naturally, NASCAR fans are outraged and NASCAR itself is reeling from reduced team spending.
Obama theorizes that a complete withdrawal from America’s premier racing series is expected to save more than $250 million between GM and Chrysler. Is Obama in the auto business now?
“Automakers used to operate on the principle of ‘win on Sunday, sell on Monday,’ but the Auto Task Force’s research just doesn’t validate that as true,” said the statement from President Obama. . . .
. . . “In order to receive this money, corporations must demonstrate they will spend it wisely. Racing has been said to improve on-road technology, but frankly, NASCAR almost flaunts its standing among the lowest-tech forms of motorsport. NASCAR is not proven to drive advancements that transfer from the racetrack to the road, and this nation’s way forward does not hinge on decades-old technology. We need new, and we need innovation.”
This entry was posted on Wednesday, April 1st, 2009 at 9:34 am and filed under Barack Obama, Business, Controversy, Money & Finances, Politics . You can follow any responses to this entry through the RSS 2.0 feed or Trackback from your own site. This site is Gravatar enabled. Sign up to upload your own avatar.
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@Sandi
You may not have noticed but were in the deepest RECESSION since the Great Depression . Part of what makes GM’s balance sheet worse is that they were also damaged by the collapse of the mortgage bubble because they are also one of the world’s biggest banks. People should also known that GM is not only receiving auto industry bailout money but also TARP money and this has been going on since last year and not just the last 3 months.
source, please.
well, according to this article from Car and Driver, the move will save close to $250 million. As far as I am concerned, nearly bankrupt companies accepting handouts from taxpayers do not have that kind of money to spend on sponsoring Nascar.
http://www.caranddriver.com/reviews/hot_lists/high_performance/motorsports/obama_orders_chevrolet_and_dodge_out_of_nascar_car_news
Sandra, you need to note who actually said the quotes.
As far as these (should be) BK companies being forced to pull their sponsorship deals, that’s how the cookie crumbles. Assuming BHO did say that, the “lowest-tech” comment will sting the die hards a little ( a lot actually) and Glen Beck will probably cry over it.
Sandra, do you like Glen Beck, Rush Limbaugh and/or Bill O’Reilly?
Coop, I think GMAC (the financing company) is, and has been totally seperate from GM for years now. No shots fired though.
Here at my job we are faced with the same “crisis”.. sponsor nascar, or cut our 401ks and medical benefits, so that we can have our own special booth with VIP treatment……hmmmmm…tough choices
Ford decided not to take the money. GM should know that if you get government assistance, be prepared to have them “assist” you…
To quote one of my favorite bands…
“The Belle Starr’s” (know them Auntie?)
THIS IS A SIGN OF THE TIMES!!!
Billy Bob and Clarence are just gonna have to fork over a couple extra dollars if they wanna see their favorite Nascar driver go around and around and around and around and around and around and around and around that track…
Ad nauseam…
why should they give money to nascar when you dont have money ? if they can tell a welfare mother how to spend her money shouldnt they be able to tell all their welfare recipients how to spend their money ?
its like i give you a 20 because you say you dont have money for gas and you go spend it playing lotto tickets. … the red necks who like nascar will survive its not as big of a sport as nascar and espn want you to believe.
Obama is The Chosen One to many so therefore he knows everything and can do know wrong.
However, I must digress that when someone else is paying your bills and supporting you– you are, for lack of a better word, SUBJECT to that person.
GM and Chrysler can alleviate the Government’s involvement in their private business by taking their suctioned lips off of the government’s teat.
I can’t stand Obama, but these companies have screwed themselves up and went begging to our representatives for bailouts. Now they are under the thumb of Washington.
Cry me a river *rolling eyes*
Nice April Fool’s day joke..