Rep. Dingell: The Left and Right Agree GM Is 'the Worst Corporation in this Country'
*By Justin Chermol and Carlo Versano*
When General Motors announced a major restructuring that would result in mass layoffs and plant closures, the American automaker managed to do what few others have: unite the left and right in anger and disappointment.
Rep. Debbie Dingell (D-MI) represents a suburban Detroit district that will be affected by the reductions. She told Cheddar in an interview Wednesday that she was surprised by the timing, given that the auto industry is cyclical. Both Democrats and Republicans think "they are the worst corporation in this country."
"They have no fans right now," she said.
GM's newest strategy is twofold: the company is shrinking its sedan footprint in response to market conditions and consumer tastes, as well as investing in an electric, self-driving future it's terming "Zero Crashes, Zero Emissions, Zero Congestion."
Ford ($F), GM's main American rival, announced in April that it will scale about 90 percent of its auto production to trucks, utilities, and commercial vehicles by 2020. The company went on to explain that it would discontinue four of its sedan models and invest more in autonomous technology.
Back in June, in a cautionary note, GM [wrote](https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rJBrNbApznVU/v0) to the Department of Commerce, warning increased tariffs could lead to a "smaller GM."
Despite its foresight, GM didn't cite tariffs as a reason for the layoffs in its statement Monday. Instead, CEO Mary Barra said almost the opposite ー that the economy was so strong that it would be preferable to make changes now rather than trying to restructure during a slowdown. Automakers learned that lesson the hard way during the financial crisis.
Dingell said that while she indicated to President Trump that she would support a "NAFTA 2.0" trade bill, she has changed her mind in the wake of GM's restructuring.
"I will not support a trade bill that lets that company put any more jobs in Mexico," she said. "We need to keep those jobs here in the United States."
After the announcement, [President Trump](https://twitter.com/realDonaldTrump/status/1067494680416407552) and Prime Minister [Justin Trudeau](https://twitter.com/JustinTrudeau/status/1067082236686753792?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1067082236686753792&ref_url=https%3A%2F%2Fwww.cnn.com%2F2018%2F11%2F26%2Fbusiness%2Fgm-oshawa-plant%2Findex.html) both took to Twitter to call reductions in the U.S. and Canada a massive "disappointment." Since then, the two leaders have spoken on the phone to discuss the issue.
While pundits and industry analysts debate whether the era of the personally-owned car is coming to an end ー and perhaps where American automakers fall in the new mobility hierarchy ー the effects of GM's decisions will still weigh heavily on local communities that depend on it as the anchor business. And that, in turn, makes it a political issue for the president. President Trump dispatched his chief economic adviser Larry Kudlow to meet with Barra.
As for the future of the auto-industry, Rep. Dingell said she understands the harsh realities her constituents are facing: "It's no longer a car industry, its a mobility industry. And the mobility industry is changing."
"The model is going to change but you are still going to be building vehicles and there will be new jobs," she said.
Mayor Ras Baraka of Newark, NJ and Ayana Morris, co-director of the documentary 'Why Is We Americans?,' join Cheddar News to discuss the new documentary highlighting the impact of the Baraka family.
Former New York City mayor and lawyer to Donald Trump Rudy Giuliani made his singing debut on a taping of Fox’s The Masked Singer. However, Ken Jeong and Robin Thicke, two judges on the competition show, reportedly left in protest when Giuliani was unmasked upon being eliminated.
All Hands celebrates Black History Month by highlighting achievements in inclusivity and paying homage to those who have fought for equal rights. Rep. Maxine Waters (D-CA) joins Cheddar News to discuss voter suppression; Damali Peterman, CEO of Breakthrough ADR, elaborates on the biggest barriers for Black professionals; Andre Perry, senior fellow of Brookings Institution, dives into student loans and the racial wealth divide; and lastly, BET CEO Scott Mills discusses the company's initiatives for 2022.
All month long Cheddar News is celebrating Black History Month.
In our nation’s capital, Black history is being made right now.
cheddar's own Arielle Hixon puts the spotlight on three lawmakers making that happen, Rep. Lauren Underwood (D-IL), Rep. Cori Bush (D-MO), and Sen. Tim Scott (R-SC).
Representative Maxine Waters (D-Calif. 43rd District) joined Cheddar News to talk about the current political climate in America, including efforts to roll back voting rights in multiple states in light of Black History Month. "Why do we have to deal with those who still believe that somehow this country only belongs to the whites of the country and that somehow they have to do everything that they can to undermine our voting and do voters suppression to keep us from being influential and at the table by which to solve problems?" she asked. Waters chided "two Democrats" who she said were stymying attempts to rectify the issue and also spoke on President Biden’s promise to nominate a Black woman to the Supreme Court.
Wall Street saw another volatile day after the Federal Reserve left rates unchanged for now, with plans to raise rates in March at its next meeting in order to ease inflation. Fed Chair Jerome Powell said the Fed has not made decisions on the size of rate increases, adding that the Fed is not trying to get inflation below two-percent. Ken Johnson, CFA and Investment Strategy Analyst explains why Powell thinks that high inflation is a significant threat to the labor market.
Anu Gaggar, global investment strategist for Commonwealth Financial Network, joined Cheddar News to discuss how global supply chains could be disrupted even further by an armed conflict in Ukraine.
Solid-state battery maker Factorial Energy recently raised $200 million in a Series D round led by Mercedes-Benz and Stellantis. Factorial says the funding will be used to accelerate commercial production and deployment of its solid-state battery technology, which the company says is safer, and offers up to 50% more driving range than current lithium-ion technology. Factorial also has joint development agreements (announced in late 2021) with Mercedes-Benz, Stellantis, and Hyundai, three of the top 10 global automotive manufacturers, to commercialize its batteries. Factorial CEO Siyu Huang joined Cheddar News' Closing Bell to discuss.
