Amid a series of heightened exchanges between Washington and Beijing over China’s currency manipulation and the U.S. Federal Reserve’s loosening of its monetary policy, a fresh layer of intrigue was slapped on by recent news that Beijing-based Pacific Century Motors has successfully purchased a General Motors plant in Saginaw, Michigan.
Under the name Saginaw Steering Gear, the Michigan unit has made steering equipment for GM and its affiliates for over 100 years, employing close to 8,300 staff around the world. Now named Nexteer, it is Saginaw’s largest private employer.
The US$450 million dollar purchase includes 22 factories, six research and development centers, and 14 customer-support centers.
In light of the current economy, declining dollar, trade… difficulties, and our indebtedness to China, it appears that the government will sell it’s debt to China via parting our GM. They’ve sold a GM factory in Saginaw, Michigan to a Chinese company.
You may be asking why I’m suggesting that this is the fault of the government and the Obama administration… well, remember when the government stepped in to bail out GM and Chrysler? The current administration took 61% controlling interest of the company through stock purchase.
Why does this matter to you and I? You and I are the owners of that controlling interest as the taxpayers that provide the money to make the bail out happen. Do you really want China owning American companies IN America? I don’t! At all!!
Some people in charge still get it…
“Did it really need to be sold to the Chinese?” asks Roger Kahn, a state senator from Michigan. “I want to see businesses successful in the U.S. owned in the U.S. This doesn’t meet the standard.”