Chinese cars....
Posted By: cj on 2009-06-02
In Reply to: China! Guess who bought Hummer? - A China company.
Did anyone see the video of the chinese car crash test? Don't think I will be buying any Chinese made car. The crash test dummy was demolished. the car crumbled like a tin can in a can crusher.
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The Chinese
It "gets paid back" by increased production and by banks being solvent and active again.
The Chinese have had us at their mercy ever since they started buying up all of our Treasury bills years ago. This is nothing new. However, the Chinese have nothing to gain by trying to collect all at once. They need us as a trading partner for better or worse, and our T bills are a good investment for them.
A worst-case scenario would be if the international money markets determined that the dollar was just too unstable to be the basis for trade and decided to go with Euros instead. So far, the dollar has held up pretty well, mostly because everything's so unstable everywhere that no one wants to rock the boat. Yet.
Not to fear. The Chinese are interested in...
...purchasing these American icons. More selling out of America, right under our noses.
Thank you, Congress. 
Chinese Automakers May Buy GM and Chrysler
By Bertel Schmitt
November 18, 2008 -
Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China's 21st Century Business Herald reports today. [A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million.] The paper cites a senior official of China's Ministry of Industry and Information Technology–– the state regulator of China's auto industry–– who dropped the hint that "the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers." These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?
A take-over of a large overseas auto maker would fit perfectly into China's plans. As reported before, China has realized that its export chances are slim without unfettered access to foreign technology. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he's in deep trouble.
At current market valuations (GM is worth less than Mattel) the Chinese government can afford to buy GM with petty cash. Even a hundred billion $ would barely dent China's more than $2t in currency reserves. For nobody in the world would buying GM and (while they are at it) Chrysler make more sense than for the Chinese. Overlap? What overlap? They would gain instant access to the world's markets with accepted brands, and proven technology.
21st Century Business Herald, obviously with input from higher-up, writes that Chinese industry must change and upgrade. China wants their factories to change from low-value-added manufacturing to technically innovative and financially-sound high-value-add industries. Says the paper: "It would be much easier now for strong Chinese automakers to go global by acquiring some assets of their U.S. counterparts in times of crisis."
Deloitte & Touche sees a trend: "Chinese automakers can start with buying out the OEM projects and Chinese ventures of some global carmakers such as GM and Chrysler."
The Chinese appear to have bigger plans than an accounting firm can imagine. 21st Century Business Herald acts and writes as if its already a done deal, and the beginning of more to come. "In the coming two years China is likely to see a few of its large Chinese automakers and other manufacturing enterprises set a precedent for achieving globalization by acquiring global companies, just like SAIC or Dongfeng's possible acquisition of troubled GM or Chrysler."
Just in case you missed it, the Shanghai Automotive Industry Corporation (SAIC) is China's largest auto manufacturer. In 1984, the company entered a joint venture with Volkswagen. A decade later, SAIC entered a joint venture with General Motors. In 2007, SAIC bought the Nanjing Automobile Corporation, which had acquired British MG Rover in 2005.
Dongfeng Motor Corporation is a public company, although 70 percent of their shares are reported to be in government hands. They also are one of China's Big Three. The company has numerous joint venture partners, such as Nissan, Peugeot-Citroen, Honda, and Kia. Dongfeng (which means "East Wind") was founded at the behest of Mao Zedong himself in 1968.
Apparently, the Chinese are upset with us. sm
Post below was correct. Congressman Burton confirms it in statements he made to the House.
http://www.youtube.com/watch?v=ikCnEC1IIwk
Chinese buying up south CA
They don't want to buy any more of our debt, as our $ is almost worthless. They've been buying up homes in southern CA big-time. They already know that this most liberal "plan" will make the US self-destruct.
Those who voted for this man and refused to listen to many of us who said h'ed do this, don't cry to me. This is merely the beginning.
Fed approves Chinese Bank CCB to open in US
Am I the only one who finds this scary?
Fed approves Chinese bank CCB to open office in US
Mon Dec 8, 5:15 pm ET
WASHINGTON (AFP) –– The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.
The proposed New York City branch of CCB "would engage in wholesale deposit-taking, lending, trade finance, and other banking services," the Fed said in a statement.
The US central bank recalled that China Construction Bank Corporation (CCB) is 57.0 percent owned by the Chinese state, 19.7 percent by US banking group Bank of America and 5.7 percent by Temasek Holdings, a sovereign wealth fund owned by the government of Singapore. The remainder of the capital is publicly traded.
CCB is the second-largest bank in China, with total assets of approximately 1.1 trillion dollars, it noted.
The Fed said it had determined that CCB had adequate anti-money laundering safeguards and had committed to respect US laws on money laundering.
CCB's own funds exceed the minimum set by the 1998 Basel Capital Accord and "is considered equivalent to capital that would be required of a US banking organization," the US central bank said.
CCB would be the fourth mainland Chinese bank -- excluding banks in Hong Kong -- to open operations in the US, after the Agricultural Bank of China, the Bank of China and the Bank of Communications.
The Industrial and Commercial Bank of China (ICBC), China's top bank, also has asked the Fed for authorization to open a branch in New York.
http://news.yahoo.com/s/afp/20081208/pl_afp/uschinabankregulatebankingcompanyccb
Obama Wimps Out With Chinese Leader
What didn't he mention in his meeting?
1. China's outrageous increase in human rights violations. (Hillary forgot about this also, though.) Umm, I thought this was supposed to be the liberals' big beef with China.
2. China's recent call for a new "world currency" to replace the dollar.
3. China's recent criticism of massive increases in US debt.
4. China's recent military moves, including confrontation with US warships in international waters or massive buildup of forces across from Taiwan, increases in military spending, etc.
No, no. None of that! Just "Let's get together for a kumbaya party, Comrade. I'm having a new Party Worker's suit made out of taxpayer skin that'll knock your eye out!"
First of all......GM cars are not
crappy cars. I've had several GM vehicles that I've run the wheels off of. My whole family buys nothing but GM vehicles and we all prefer them over other vehicles. Secondly, the reason GM started to build bigger vehicles that used more gas was because gas wasn't so expensive then and that is what the consumers wanted was bigger SUVs, trucks, etc. People didn't start to complain until gas prices went through the roof.
GM was fine until the economy took a crap. When the economy was booming they could afford big salaries for CEOs and paying the union loads of money, etc. They could afford the legacy costs, health care, and pensions. Now since no dealer is having much luck selling vehicles, it is kind of hard to pay for all those expenses when people can't buy vehicles, are too afraid to buy vehicles, or are dumb enough to buy foreign pieces of crap instead.
What's this business about a Chinese general threatening to use nukes against the US if necessary,sm
over the treaty with Taiwan? This was reported on Fox News this week.
Anyone been following this?
My husband is fascinated with the Japanese and Chinese cultures. sm
He's been wanting to go to Japan for the longest. He watches a lot of Japanese animation and tries explaning it to me. He likes to get the ones with the subtitles, and says he's learning the language a little too.
Chinese to inspect our cargo for nuclear material
Looks like the foxes are now in charge of the henhouses.
http://www.nysun.com/article/29714
March 23, 2006 Edition > Section: National > Printer-Friendly Version
America Hires Chinese Firm To Inspect Cargo For Nuclear Material
BY TED BRIDIS - Associated Press
March 23, 2006
URL: http://www.nysun.com/article/29714
WASHINGTON (AP) - In the aftermath of the Dubai ports dispute, the Bush administration is hiring a Hong Kong conglomerate to help detect nuclear materials inside cargo passing through the Bahamas to the United States and elsewhere.
The administration acknowledges the no-bid contract with Hutchison Whampoa Ltd. represents the first time a foreign company will be involved in running a sophisticated U.S. radiation detector at an overseas port without American customs agents present.
Freeport in the Bahamas is 65 miles from the U.S. coast, where cargo would be likely to be inspected again. The contract is currently being finalized.
The administration is negotiating a second no-bid contract for a Philippine company to install radiation detectors in its home country, according to documents obtained by The Associated Press. At dozens of other overseas ports, foreign governments are primarily responsible for scanning cargo.
While President Bush recently reassured Congress that foreigners would not manage security at U.S. ports, the Hutchison deal in the Bahamas illustrates how the administration is relying on foreign companies at overseas ports to safeguard cargo headed to the United States.
Hutchison Whampoa is the world's largest ports operator and among the industry's most-respected companies. It was an early adopter of U.S. anti-terror measures. But its billionaire chairman, Li Ka-Shing, also has substantial business ties to China's government that have raised U.S. concerns over the years.
Li Ka-Shing is pretty close to a lot of senior leaders of the Chinese government and the Chinese Communist Party, said Larry M. Wortzel, head of a U.S. government commission that studies China security and economic issues. But Wortzel said Hutchison operates independently from Beijing, and he described Li as a very legitimate international businessman.
One can conceive legitimate security concerns and would hope either the Homeland Security Department or the intelligence services of the United States work very hard to satisfy those concerns, Wortzel said.
Three years ago, the Bush administration effectively blocked a Hutchison subsidiary from buying part of a bankrupt U.S. telecommunications company, Global Crossing Ltd., on national security grounds.
And a U.S. military intelligence report, once marked secret, cited Hutchison in 1999 as a potential risk for smuggling arms and other prohibited materials into the United States from the Bahamas.
Hutchison's port operations in the Bahamas and Panama could provide a conduit for illegal shipments of technology or prohibited items from the West to the PRC (People's Republic of China), or facilitate the movement of arms and other prohibited items into the Americas, the now-declassified assessment said.
The CIA currently has no security concerns about Hutchison's port operations, and the administration believes the pending deal with the foreign company would be safe, officials said.
Supervised by Bahamian customs officials, Hutchison employees will drive the towering, truck-like radiation scanner that moves slowly over large cargo containers and scans them for radiation that might be emitted by plutonium or a radiological weapon.
Any positive reading would set off alarms monitored simultaneously by Bahamian customs inspectors at Freeport and by U.S. Customs and Border Protection officials working at an anti-terrorism center 800 miles away in northern Virginia. Any alarm would prompt a closer inspection of the cargo, and there are multiple layers of security to prevent tampering, officials said.
The equipment operates itself, said Bryan Wilkes, a spokesman for the U.S. National Nuclear Security Administration, the agency negotiating the contract. It's not going to be someone standing at the controls pressing buttons and flipping switches.
A lawmaker who helped lead the opposition to the Dubai ports deal isn't so confident. Neither are some security experts. They question whether the U.S. should pay a foreign company with ties to China to keep radioactive material out of the United States.
Giving a no-bid contract to a foreign company to carry out the most sensitive security screening for radioactive materials at ports abroad raises many questions, said Sen. Charles Schumer, D-N.Y.
A low-paid employee with access to the screening equipment could frustrate international security by studying how the equipment works and which materials set off its alarms, warned a retired U.S. Customs investigator who specialized in smuggling cases.
Money buys a lot of things, Robert Sheridan said. The fact that foreign workers would have access to how the United States screens various containers for nuclear material and how this technology scrutinizes the containers _ all those things allow someone with a nefarious intention to thwart the screening.
Other experts discounted concerns. They cited Hutchison's reputation as a leading ports company and said the United States inevitably must rely for some security on large commercial operators in the global maritime industry.
We must not allow an unwarranted fear of foreign ownership or involvement in offshore operations to impair our ability to protect against nuclear weapons being smuggled into this country, said Sen. Norm Coleman, R-Minn., a member of the Senate Committee on Homeland Security and Governmental Affairs. We must work with these foreign companies.
A former Coast Guard commander, Stephen Flynn, said foreign companies sometimes prove more trustworthy _ and susceptible to U.S. influence _ than governments.
It's a very fragile system, Flynn said. Foreign companies recognize the U.S. has the capacity and willingness to exercise a kill switch if something goes wrong.
A spokesman for Hutchison's ports subsidiary, Anthony Tam, said the company is a strong supporter in port security initiatives.
In the case of the Bahamas, our local personnel are working alongside with U.S. customs officials to identify and inspect U.S.-bound containers that could be carrying radioactive materials, Tam said.
However, there are no U.S. customs agents checking any cargo containers at the Hutchison port in Freeport. Under the contract, no U.S. officials would be stationed permanently in the Bahamas with the radiation scanner.
The administration is finalizing the contract amid a national debate over maritime security sparked by the furor over now-abandoned plans by Dubai-owned DP World to take over significant operations at major U.S. ports.
Hutchison operates the sprawling Freeport Container Port on Grand Bahama Island. Its subsidiary, Hutchison Port Holdings, has operations in more than 20 countries but none in the United States.
Contract documents, obtained by The Associated Press, indicate Hutchison will be paid roughly $6 million. The contract is for one year with options for three years.
The Energy Department's National Nuclear Security Administration is negotiating the Bahamas contract under a $121 million security program it calls the second line of defense. Wilkes, the NNSA spokesman, said the Bahamian government dictated that the U.S. give the contract to Hutchison.
It's their country, their port. The driver of the mobile carrier is the contractor selected by their government. We had no say or no choice, he said. We are fortunate to have allies who are signing these agreements with us.
Some security experts said that is a weak explanation in the Bahamas, with its close reliance on the United States. The administration could insist that the Bahamas permit U.S. Customs agents to operate at the port, said Albert Santoli, an expert on national security issues in Asia and the Pacific.
Why would they not accept that? said Santoli, a former national security aide to Rep. Dana Rohrabacher, R-Calif. There is an interest in the Bahamas and every other country in the region to make sure the U.S. stays safe and strong. That's how this should be negotiated.
Flynn, the former Coast Guard commander, agreed the Bahamas would readily accept such a proposal but said the U.S. is short of trained customs agents to send overseas.
Contract documents obtained by the AP show at least one other foreign company is involved in the U.S. radiation-detection program.
A separate, no-bid $4 million contract the Bush administration is negotiating would pay a Manila-based company, International Container Terminal Services Inc., to install radiation detectors at the Philippines' largest port.
The U.S. says the Manila company is not being paid to operate the radiation monitors once they are installed. But two International Container executives and a senior official at the government's Philippine Nuclear Research Institute said the company will run the detectors on behalf of the institute and the country's customs bureau. U.S. officials said they will investigate further how the Filipinos plan to use the equipment.
March 23, 2006 Edition > Section: National > Printer-Friendly Version
Candidates cars
This was fun to read
http://www.newsweek.com/id/160091
JM = 2 cars registered; CM = 11 cars registered ------->> sm
John McCain can't even raise his arms above his shoulders to comb his hair. He barely drives, if at all. Cindy does most of the driving, as she has said in the past.
Cindy is a multimillionaire. John is not.
So what?
Doesn't anyone wonder how Barack and Michelle Obama gets to and from work and kid stuff with only one car?
My bet is someone has limo service paid by the tax payer.
Maybe JM does too, who knows and who cares??????
This story is a whole lot of nothing, designed to make all the little people (of which I am one, although doesn't bother me).....up in arms because someone with a rich wife has a lot of money and a lot of cars.
SO WHAT!!!!!!!
Sheesh.....like this is really newsworthy......
Geithner assures Chinese audience that US dollar is sound.
http://www.reuters.com/article/marketsNews/idINPEK12423320090601?rpc=44
Foreign cars are not better or cheaper.
If they are cheaper it is because they are literally that....cheaper cars. You pay for what you get. I've seen so many American made cars throughout my family where they have put 200,000+ miles on vehicles and they keep going. I've driven so many different types of vehicles since my husband runs a car dealership and I have to say that American trumps foreign any day in my opinion. I will NEVER own a foreign car. Ain't happenin. You will more than likely see my happy butt in a Chevy of some type. I'm currently driving a Chevy Uplander and I friggin LOVE it! I have no problem telling someone their vehicle is a foreign piece of crap. In fact, I recently told my best friend's sister that was what her Honda was. LOL!
Right on! We paid off our modest house/cars. We
nm
Toyota and Honda build cars in the USA
Didn't you know that? They have been here for years. Do you hear them begging for a bailout? Nope. Because they build decent cars.
The 3 big ones didn't bother to take heed during the last gas crunch and didn't learn a dang thing. If they did, we would have good cars now. GM built a good motor; the V6 3 liter engine. Our Old's Delta 98 (big luxury car) V6 got 30 MPH. Our Buick LeSabre gets 28 MPH. Why didn't they put those engines in all their cars?
Because the AMERICAN PEOPLE wanted big, bad SUVs and V8 engines. So...if you want to sell cars, you build what people want.
Just like political arena, as soon as something goes wrong in America, they blame the president. As soon as high gas prices hit, they blamed the car companies and turn their backs on them and now they're in a mess. BUT, it doesn't mean they shouldn't have been working on alternate energy cars. Prius, made by Toyota, has been out for a few years now; 48 MPH. Can't buy one now because that's what everybody wants. Yet when they first came out, hardly any takers.
So, it's not all the fault of the president or car companies. Think about it.
Stop importing foreign cars won't help a bit
People in this country want them because they get better gas mileage. Like I said before, Toyota has plants here in America and they are doing good.
The problem with the big 3 is they sat back and forgot about the past (1970s gas crunch), not into the future. They got a winner with those big SUVs and decided, "Hey, let's concentrate on all the big SUVs, big V8s, etc. That's what the American people want" and they did want them.
Car dealers are falling by the wayside in large numbers because of the problems, too. Lots of them are closing because they can't hang on any longer.
People have been buying foreign cars
for years. What does that have to do with losing our jobs due to fewer patient visits to doctors or hospitals? Actually, a lot of so-called American-made cars are made in Mexico, like the PT Cruiser. In fact, a lot of cars are made in Mexico because of cheap labor, including VW.
Here is a link. Proud to own american made cars.
http://blogs.barrons.com/stockstowatchtoday/2008/11/05/auto-makers-look-good-for-bigger-govt-bailout/
I agree that we need to buy American made products, in particular cars...
but that entails the idea that we can make cars just as affordable as foreign companies. Right now we have the same problem here as we do with the oil industry. Huge tax breaks for foreign industry and we can't compete.
BT, I am sooo with you, we also finally paid the mortgage, the cars are ours....sm
and no more credit, bad debts and loans killed the economy and Wall Street. Just providing for our 3 kids and making ends meet is the daily challenge, but we have each other and a good extended family, I so hope that the good thing that comes out of this crisis is LESS MATERIALISM in this country, back to simpler living and being happy with less!
I beg to differ on all three of the companies you labeled make crappy cars...
I have had 2 Ford's in my life, my husband has had one and they are most reliable cars ever..the same goes for Chrysler and GM...I happen to live in Ohio where we have Ford, Chrysler and GM within a 20-mile radius of my house...it is sad because it is really affecting the economy around here with them closing...I for one would never buy a foreign car...My Dad retired from Chrysler and my Grandfather retired from Ford...
It's kinda fun to watch you playing mental bumper cars
NM
GMAC Resumes Sub-Prime Loans In Order To Sell Cars
So, let's see. I know that I have been known to lapse into a coma from time to time, but haven't we been here before - making subprime loans in order to stimulate sales and to hell with what happens next?
Someone correct me if I'm wrong, please, but I'm having such a strange sense of deja vu here.
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