Commentary
From the lyrics to the song made famous by former cowboy star Gene Autry, “I’m back in the saddle again,” after taking a brief respite to enjoy Thanksgiving with family and friends.
Now that I’m back, there are several stories that call for commentary on my part. In covering my first topic, I will be checking off two topics on my list.
Bankers Support Trump in Court
By now, you are most likely aware that former President Trump and members of his family have been in court in New York, accused by New York attorney general Latitia James of inflating his net worth on his annual financial statements to receive favorable loans from banks. And that she ran for office in 2018 claiming she would “get Trump.”
As I have previously commented, despite how Trump estimated the value of his property, the banks certainly have their own processes for doing due diligence.
“We are expected to conduct some due diligence and verify the information provided,” said David Williams, in the wealth management group at Deutsche Bank, who repeatedly indicated that the bank had performed that due diligence and factored its own analysis into the relationship with Trump.
Rosemary Vrablic, formerly with Deutsche Bank, who oversaw hundreds of millions of dollars in loans to Trump, displayed e-mails expressing significant excitement about having the Trump family as clients.
“(James) is going for total annihilation,” wrote George Washington University law professor Jonathan Turley, a Democrat. “She is asking to take this iconic figure and effectively ban him from business in New York.”
Referring to the lawsuit filed by James, Turley called it unprecedented. “I could find no case anywhere like this,” he added.
December Fool’s Day Selection
This makes New York attorney general Letitia James, who suffers from a severe case of Trump derangement syndrome, an easy choice as December’s Fool. For knowingly bringing a lawsuit for fraud in which no individual or firm was harmed, she should be investigated by the New York State bar association, but it, no doubt, is infested with Democrats.
Losers in the Push for EVs
Two years ago last month, speaking on the future of EV’s during an interview on CNBC, GM’s CEO Mary Barra said, “I am very comfortable, because when people get into these vehicles, they are just wowed. So, we will be rolling them out and we’re just keep working until we have No. 1 market share in EVs.”
In May 2022, Barra told the New York Times she was unconcerned that competing automakers appeared to be better positioned to lead the industry’s transition to EVs. “In her view,” the Times reported, “the GM Strategy should enable the company to make more affordable EVs than most competitors. I’m here to win.”
Less than a year ago, within a Car and Driver magazine piece, she outlined her optimistic vision for 2023 and was pictured all smiles showing off GM EV models to President Biden.
Bumps in the Road
Now, in its Thursday edition, the Wall Street Journal reports, “General Motors’ much trumpeted technology bets haven’t worked out well lately,” in a piece entitled “GM Gives Investors $10 Billion Apology.” In its report, the Journal said, Barra has staked her reputation on these technologies.
GM investors will still have to wait for the company’s fourth quarter earnings to get a full explanation, likely to include a more cautious approach to future technology.
Earlier this week, we learned that more than 3,000 auto dealers in all 50 states sent a letter to President Biden, calling on him to “tap the brakes” on his administration’s aggressive EV push.
“With the mandates they are putting in place, they are forcing the consumers to buy something they do not want,” said one of the letter’s signatories in New Jersey. “The infrastructure is not there; they’re concerned about the range and its 20 to 30 percent higher to buy the vehicle.”
The dealers have soured on EVs as their lots are filled with unsold vehicles. So many that they have had to refuse future deliveries.
Barra’s claim that consumers will be “wowed” with EVs has come back to haunt her. They aren’t.
The Cost of Going Green
The aggressive transition to electric vehicles is but one costly mistake made by the Biden administration in its fantasy goal of net zero caron emissions. In recent reports I have commented on the troubles encountered in offshore wind turbine projects.
In its article, “Who Will Pay for Green Transition?” the Wall Street Journal, reports that “the economics of getting to net zero remain, fundamentally, dismal – someone has to pay for it, and shareholders and consumers decided this year it wouldn’t be them.”
The Journal seems to have forgotten that we are paying for the roughly $1 trillion Inflation Reduction Act that includes spending on electric vehicles and renewable energy.
Not to Worry
You may have heard that President Biden is not attending the current 13-day climate summit – COP28 – in Dubai, but never fear, John Kerry is there suggesting he will get Congressional support to pour millions of our tax dollars into fabricated climate change projects in poor countries.
Whoopi-ty-aye-oh, I go my way, back in the saddle again.
May God continue to bless the United States of America.
