Bail Out Auto Industry?

Wagoner flew in GM’s $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone. … Wagoner’s private jet trip to Washington cost his ailing company an estimated $20,000 roundtrip. In comparison, seats on Northwest Airlines flight 2364 from Detroit to Washington were going online for $288 coach and $837 first class.


http://thinkprogress.org/2008/11/19/big3-private-jets/

 

GOD they live in a Fairytale world!! they need to go back to assembly line work.

 

Greed and NOT genuine success is the new driving force that will take us to the end of time.

 

The GM CEO got $14.4 million in compensation in 2007, including a salary of $1.56 million. Mulally received $21.7 million for 2007, including $2 million in salary.

 

^damn!!!!

 

+1 THIS is what Ive been hollering about here for a long time! The greed machine side effects are just starting to come out and showing these assholes for what they really are!

 

Unions use to serve a purpose, now they dont. simple as that. we got a 5 day work week because of unions, and decent pay and blah blah blah, but allthats not gonna go away just because the unions do. as far as i know there are no unions at all in the south and we are fine. in fact, the south east, especially where i live if booming. why? because companies keep moving here to avoid problematic areas like detroit. htat was one of the reasonw we got the BMW plant (also they got a good tax break from SC). Unions are responsible for overpaying for sub par work.

 

BINGO! Just say look, this is how you will be compensated for working, if you dont like it, then strike, but know that anyone who strikes will not have a job waiting for them. Just give the jobs and money to those willing to work for it and earn it. if you lose your work force, then just find another one thats not unionized. with the economy the way it is there are plenty of people that are willing to work

 

believe me, that bothers the hell out of me too. i hate handouts. but there is nothing wrong with the rich getting richer. nobody should be penalized for having the ability to earn. plus, once you're already rich it's really easy to get richer. having money makes it that much easier to earn more money

 

thats the thing, i cannot think of a single solitary vehicle that GM Ford, or Chrystler make that i would actually want to own. if i needed a full sized truck i do like Ford HD's but other than that none of them have a decent vehicle. they are all ugly and built like shit. the Charger and Mustangs and Challengers are cool but i wouldn't want to own one.

what kind of job do you get more in bonus's than your salary? "yes i'd like a job making $50k a year but i want annual bonuses of 2 million each year" wtf!!!

 

I was taught by my parents to take responsibillity for my actions and pay the consequences.

 

i dont believe you, thats what southern parents teach their good southern children. you are up north, where they teach their children to speak with annoying accents, drive like assholes, and piss off southerners in general

 

I live in PA now, but I've also lived in NJ, NM, MT, and FL. I consider myself a well rounded individual, thanks to my parents.

 

yeah, i remember you saying you were'nt a PA native. just tell the rest of the yankee's up there to stop moving to the south then complaining how much it sucks and how much better the bagels in NY are! i get tired of hearing that

 

No bail. they need to fix things for themselves or face the consequences. I think if they go under(whether its 1 or more) then the other auto companies whether it be the remainder of the Big 3, the Japanese or European automakers in the US, they will take up the business and the amount of jobs lost wont be as significant as "all these employees will be out of work." The unions may very well be a part of this like mentioned earlier. They were formed with a purpose, satisfied it and now they dont really need to be there IMO.

 

I vote NO! Just like the campaign in Iraq and the middle east, this will be a stupid waste of taxpayer dollars. The big three has been making poor business decisions for a long time now. And they need to fix that problem on their own.
The market has been moving slowly into fuel efficient vehicles but with the recent spike in gas prices the market moved drastically to fuel efficiency. The big three has made an error in their calculations for the sole purpose of making profits off the guzzlers. making gas guzzlers in a moving market (not smart) Eventually you will fail with this strategy.
Government bailout means that in the future the big three knows they can afford to make mistakes because they have a parachute using taxpayers dollars.

I think you can also agree with me that we don't have a representative congress because most of them want a bailout for the finance/auto industry, and most of their constituents say NO!

 

You have obviously never been on a construction site where there is a mix of union and non-union trades. You say unions are responsible for your 5 day work week, decent pay, blah, blah, blah, but you ARE enjoying the fruits of THEIR sacrifices and struggles.

If all of the unions were to disappear, you would see major changes in how work is conducted in this country.

South Carolina has unions, but it is a right to work state:

"According to Bureau of Labor Statistics (BLS) provisional estimates, in July 2003 the seasonally adjusted civilian labor force in South Carolina numbered 2,036,800, with approximately 143,300 workers unemployed, yielding an unemployment rate of 7.0%, compared to the national average of 6.2% for the same period. Since the beginning of the BLS data series in 1978, the highest unemployment rate recorded was 11.7% in February 1983. The historical low was 3.3% in March 1998. It is estimated that in 2001, 5.9% of the labor force was employed in construction; 17.2% in manufacturing; 5.5% in transportation, communications, and public utilities; 20.0% in trade; 4.5% in finance, insurance, and real estate; 21.9% in services; 17.1% in government; and 1.3% in agriculture.
South Carolina has one of the lowest work stoppage rates in the nation and only a small percentage of the total labor force is organized. Textile, clothing, and ladies' garment workers' unions make up the bulk of the membership, followed by transportation and electrical workers. Several large textile companies have made major efforts to prevent their workers from organizing unions; conflicts between management and workers have continued for years, but without serious violence.
The US Department of Labor reported that in 2002, 81,000 of South Carolina's 1,643,000 employed wage and salary workers were members of unions. This represented 4.9% of those so employed, up from 4.5% in 2001. Despite the increase, South Carolina is 2nd only to North Carolina in having the lowest union membership rate in the nation. The national average is 13.2%. In all, 101,000 workers (6.1%) were represented by unions. In addition to union members, this category includes workers who report no union affiliation but whose jobs are covered by a union contract. South Carolina is one of 22 states with a right-to-work law."

 

I know the bail out package will be granted at some point or the other and the Big 3 will come back looking for more hand outs within a few years. Major sh!t is coming down the pipes as a result of this mess.