FEDS REFUSE TO SELL THEIR SHARES OF GM — AND THE ‘WHY’ IS QUITE INTERESTING

◼ General Motors Co. executives want the Treasury Department to sell its almost 27 percent stake in the company because, they say, the feds are hurting their image and government pay restrictions are chasing away top talent. - Becket Adams/The Blaze

But Treasury officials aren’t interested in selling because it would mean posting a multibillion dollar loss during an election year, the Wall Street Journal reports.

◼ U.S. Balks at GM Plan - Government Is Reluctant to Sell Auto Stake at a Huge Loss
◼ General Motors pushing U.S. to sell stake: report - Market Watch

GM profits slip 41%

◼ America's largest car firm made $1.5bn in the second quarter of 2012, with European division reporting operating loss of $361m - The Guardian

GM no longer #1, despite Obama’s campaign-trail claims

◼ General Motors is no longer the number one automaker in the world, as President Obama has been touting on the campaign trail. - Ryan Lovelace/Daily Caller

GM spokesman Jim Cain told The Daily Caller via email GM sold 4.67 million automobiles through the first six months of 2012, which is 300,000 vehicles behind the 4.97 million automobiles Toyota sold during the same time frame according to the Associated Press.

“We were the largest automaker in 2011,” Cain said. “This year, Toyota has sold more vehicles CYTD (calendar year-to-date) as they continue to recover from [the] earthquake and tsunami.”

Such information puts a damper on President Obama’s ability to take credit for reviving GM with a bailout in 2009.

◼ Government Motors Still Owes Taxpayers $42 Billion - Katie Pavlich/Townhall

The big news yesterday was that Energy Secretary Steven Chu does not own a car. But his wife owns a 2002 BMW 325i, which gets 21 MPG, according to the Daily Caller. Why did Chu not get her to trade in the Beamer for a Chevy Volt?

◼ Chu chooses a BMW over a Volt - Don Surber/Daily Mail

In fact, why does the president not trade in The Beat Cadillac that he rides in for security reasons for a Chevy Volt? Could it be that this Motor Trend Car of the Year and European Car of the Year be a piece of crap that has no speed, no range and takes 10 hours to refill?

If Volts ain’t good enough for our hired help, why should we bother making Volts?

White House Proposal to Stimulate Volt Sales: Jack up the Taxpayer Subsidy to $10,000 Per Car

◼ Cranking up the Chevy Volt subsidy from $7,500 to $10,000 isn’t “fresh” news. - Doug Ross/Michelle Malkin

The proposal is in the White House 2013 budget that Harry Reid is sitting on, but President Obama continues to promote the idea as essential to decreasing America’s dependence on the free market… er, I mean oil...