BUSH: Lets make a deal
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Originally Posted by Slamnasty,Nov 11 2008, 09:21 AM
No, they could care less if they get part of the $700 billion. They want to increase that amount with their own special stimulus. And who can blame them for wanting to, since so many other companies have been getting freaking handouts for a while now with no-bid contracts and no checks, balances, or regulations to keep them from abusing the system. There's another $140 billion that's being asked for that's not even a part of the $700 or anything that the Big 3 would get that was written.
We are going in the tank because companies are free-loading on American taxpayer money and have gotten it in their heads after years of deregulation and politician greasing that they can keep doing it, and damn the torpedoes if the economy falls apart. At the same time if those businesses collapse, the economy goes south in a hurry because unemployment will skyrocket, and the middle class won't be buying anything. The companies know this beyond their own survival instinct, so they know they can keep asking for and probably getting the money, since the economy collapsing will completely screw nearly all elected officials.
It's gotten so bad even our happy creditors have started having to bail their home markets out too. China just did a nearly $600 billion bail-out. And today we see Wall Street has already dropped around 300 points, and could go lower still.
Anyone else concerned yet?
We are going in the tank because companies are free-loading on American taxpayer money and have gotten it in their heads after years of deregulation and politician greasing that they can keep doing it, and damn the torpedoes if the economy falls apart. At the same time if those businesses collapse, the economy goes south in a hurry because unemployment will skyrocket, and the middle class won't be buying anything. The companies know this beyond their own survival instinct, so they know they can keep asking for and probably getting the money, since the economy collapsing will completely screw nearly all elected officials.
It's gotten so bad even our happy creditors have started having to bail their home markets out too. China just did a nearly $600 billion bail-out. And today we see Wall Street has already dropped around 300 points, and could go lower still.
Anyone else concerned yet?
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From: MAHT-O-MEDI
Originally Posted by Ted H,Nov 11 2008, 11:46 AM
I think that perhaps, letting them file bankruptcy would allow them to move away from many of the union restrictions, and allow them to, once again, prosper. I don't know if continuing to feed them cash will help.
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All you're doing if you extend bailout money to GM is throwing money at the problem. Nothing about GM's current business model indicates anything to me that they will somehow miraculously return to any level of profitability.
GM deserves it. They had their chance to pour R&D into alternative fuels or design smaller vehicles that could compete with the foreign offerings. Instead they pumped out more and more SUVs. Now, the market has changed and GM has been caught with their pants down and lots full of vehicles they can't give away.
The short-sightedness of management, and the greed of the UAW has led to this. They should now reap what they've sewn.
GM deserves it. They had their chance to pour R&D into alternative fuels or design smaller vehicles that could compete with the foreign offerings. Instead they pumped out more and more SUVs. Now, the market has changed and GM has been caught with their pants down and lots full of vehicles they can't give away.
The short-sightedness of management, and the greed of the UAW has led to this. They should now reap what they've sewn.
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Originally Posted by Vik2000,Nov 11 2008, 10:47 AM
File bankruptcy and reorganize.
They need to. See United Airlines. Got creditors off their back (in this case... mostly the Union handouts).
And get the freak out of Michigan already. Everyone of those Union required jobs will kill the US auto industry. Wonder why Nissan, Subaru, Toyota, and Honda are not located in Michigan?
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From: USSA
A bailout, while helping GM and the rest of the auto industry will help short-term, it won't help its profitability at all. That hinges on getting rid of the UAW.
If I were President (and this won't happen under Obamamessiah) I would bust the union. Honda and Toyota do not have a problem with the UAW here....they don't hire them, and thusly, are not saddled with their obscene benefits.
Do you know that there are GM employees that were laid off a decade and a half ago that are still collecting 3/4 of their salary? Do you ? Look it up....its all there. The problem is the union. $1500-2000 of cost to every car/truck goes to UAW benefits!!! Multiply that over the hundreds of thousands of cars GM, Ford and Chrysler make. Now imagine if those costs went back into R&D.
If I were President (and this won't happen under Obamamessiah) I would bust the union. Honda and Toyota do not have a problem with the UAW here....they don't hire them, and thusly, are not saddled with their obscene benefits.
Do you know that there are GM employees that were laid off a decade and a half ago that are still collecting 3/4 of their salary? Do you ? Look it up....its all there. The problem is the union. $1500-2000 of cost to every car/truck goes to UAW benefits!!! Multiply that over the hundreds of thousands of cars GM, Ford and Chrysler make. Now imagine if those costs went back into R&D.
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From: USSA
Originally Posted by Crazy_Schizo,Nov 11 2008, 01:36 PM
GM deserves it.
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From: USSA
Originally Posted by marthafokker,Nov 11 2008, 02:11 PM
They need to. See United Airlines. Got creditors off their back (in this case... mostly the Union handouts).
And get the freak out of Michigan already. Everyone of those Union required jobs will kill the US auto industry. Wonder why Nissan, Subaru, Toyota, and Honda are not located in Michigan?
