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So every year or so we're supposed to fork up money to give to them to pay bloated salaries, benes and so management can live the life of luxury?
Where does it stop?
They said they need 5 BILLION a month to operate....5 billion, and that the loan will keep them afloat in this present market until end of next year....one year.
So then what?
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Tell me this - what is more important, our auto manufacturers or Goldman Sachs?
I'll say it again - if the big 3 go down, we're in a depression and historians will say that was the stupidest thing any group of Americans ever did.
Earmark are now part of the budget? That is moronic. It is serious money. Infact if my math is correct it is 5,000,000,000 more than GM is asking for in the bail out.
Yea, that is childish!
What happened to what you said earlier?
What about Mitt Romney? Appoint him trustee to the auto industry and give them the 25B bailout
I trust Mitt can get them out of the hole..
Additionally, how long before the price of an Accord or Camry goes up 30%?
You people just don't think. You don't have the capacity. I'm sorry, but you are one stupid SOB.
Do you agree, or not, that the moron CEOs that got us into this mess should have to cut their wages and benefits? Or do you think that burden should fall solely on the past, present and future workers at their companies?
They need to cut their losses and legally REORGANIZE
Who gives a shit how these people travel? Keep your eye on the ball. Well, look who I'm talking to, of course you don't get it.
No wonder George Bush got elected twice.
now whats the excuse, where are the provisions they made,
knuckle, maybe time for a nap.
Pit Row
America has been fat and bloated with spending on credit. The auto industry is tanking just like the housing industry because the easy credit just isn't there any more and may never be again.
The major players in the credit card industry are forecasting record defaults and Suzy homemaker is not going to be dropping a couple of hundred at bed, bath and beyond anytime soon.
Maybe sending all those decent paying manufacturing jobs oversees a little while back wasn't such a good idea after all.
Bankrupt car manufacturers aren't going to sell any cars unless there's some guarantee they'll survive. Who would buy a car with a warranty that is going to be worthless and know the car itself is going to be worthless?
One option is for the government to provide DIP financing and run the reorganization. That's a very problematical approach, but it could work. But what I keep hearing is, Let 'em die, they deserve it. Well, Goldman Sachs deserved it. AIG deserved it, Fannie Mae/Freddie Mac deserved it. And any of those could have gone out of business without 1% of the impact of a GM going out of business.
His average worker makes $56,000 per year.
Cut out all of his benefits, including his health insurance (to the same level as the workers) and pay him 25x the average worker, which is about $1.4 million a year with no bonuses. Take away the jet and limos and the rest and let him pay his way through the world like a regular person.
Why is that asking too much, when he's asking for so much from the workers to sacrifice?
http://money.cnn.com/2007/04/05/news/companies/ford_execpay/
Why is it so insane to ask the same from him as what I put above for the GM CEO?
http://www.iht.com/articles/ap/2007/08/11/business/NA-FIN-ANL-US-Chrysl…
You're seriously too stupid to even debate. Your brain circuits don't even connect to the right wires.
There's a financial angle:
If GM can't get financing for it's products it can't sell them. Same goes for Toyota and the rest.
Even if financing were available, if people aren't willing to take on new debt to buy a new car, then GM and the rest suffer too.
There's an economic angle:
The domestic manufacturing base has been in trouble for years, but it employs millions of people that don't necessarily work for the Big Three.
The US has bailed out Chrysler, the airlines, and the steel industry in the past and it turned out OK for 2 out of 3 of those industry's.
But the legacy costs (retiree health care and pensions) couldn't be sustained when the economy was in an upswing, so in a downturn the expectation should be that they will make matters worse.
The 'moral' angle:
Are the domestic automakers too big to be allowed to fail?
Should companies who have been behind the competitive curve for decades, be subsidized with public money?
Should the compensation of CEO's be slashed, causing the good CEO's to leave and the slackers with nothing better going on to hang on? (The answer to that one is pretty clear IMO - CEO's pay is a red herring in this)
If they end up in a Ch. 11 reorganization they could come out of it stronger than they were before.
If the gov gives them low/no interest loans, they could rise up after the end of the current downturn.
Here's another idea:
If the UAW was offered an ownership stake in the companies it could change the entire industry. Currently they are still in an adversarial relationship with management.
Good stuff ...
Post a reply to: The baloney about "nobody wants GM cars"...