Bailout the Automobile Industry ?

[John Picard]

What help for automakers means for workers, consumers

And once again, the UAW wants to cut off its nose to spite its face:

President Bush's plan includes targets for United Auto Workers' wages to be brought in line with what foreign companies pay their non-unionized workers in their U.S. plants and to have similar, more flexible work rules. Foreign makers can move workers from plant to plant and give them different duties or more responsibilities. Many union plants have thick manuals regulating what a worker can be asked to do.



UAW President Ron Gettelfinger is calling on the Obama administration to remove these "unfair conditions" when it takes office.
"While we appreciate that President Bush has taken the emergency action … we are disappointed that he has added unfair conditions singling out workers," Gettelfinger said.
Wages and benefits will be a key negotiating point in the restructuring. GM says it will have spent about $8 billion on labor this year.

Here is what *most* people get that people like Ron Gettelfinger, don't. What is so damned special about a UAW worker that he/she can't be placed into a different job when needed? Proof positive why the foreign plants are so competetive and the Unions are out of touch.

 

[TheMasterOfOrion]

Ratings agencies downgrade GM, Ford


http://www.marketwatch.com/

Standard & Poor's Ratings Services on Monday cut the unsecured debt of General Motors Corp. to C from CC, saying that debt holders could see a "significant decrease" in value in the event of a bankruptcy. At the same time, Moody's Investors Service cut Ford Motor Co.'s
(F 2.59, -0.36, -12.2%) rating to Caa3 from Caa1, explaining that the company may have to restructure its balance sheet to reach the same union concessions that GM and Chrysler are likely to achieve in the wake of the federal bailout loans. Shares of GM plunged almost 22% to close at $3.52 while Ford's stock dropped 12.2% to end at $2.59

 

[John Picard]

Autoworkers Union Keeps $6 Million Golf Course for Members at $33 Million Lakeside Retreat

The United Auto Workers may be out of the hole now that President Bush has approved a $17 billion bailout of the U.S. auto industry, but the union isn't out of the bunker just yet.
Even as the industry struggles with massive losses, the UAW brass continue to own and operate a $33 million lakeside retreat in Michigan, complete with a $6.4 million designer golf course. And it's costing them millions each year.

Where's that jackass UAW President, Ron Gettelfinger? That bastard had the NERVE to insist the Union made "enough" concessions, and there are people screaming that the CEO's of the automakers should "suffer". Bullshit.


http://www.blacklakegolf.com/

 

[Gertch]

So they had the foresight to purchase a place the out of work automakers could turn into a tent city.

Friggin unions.

 

[Hoser]

Where's that jackass UAW President, Ron Gettelfinger? That bastard had the NERVE to insist the Union made "enough" concessions, and there are people screaming that the CEO's of the automakers should "suffer". Bullshit.

The workers made enough concessions, especially considering what the southern repubs wanted them to make.
And the Union has assets, that's how they run. That's part of why they're able to delay the company's health care payments this year (as part of a concession) while the three recuperate and take care of the pension plans for them as well. This is not only their training center, but it's open to the public for a price....supposed to be a money maker.

It seems like Fox's beef is that it's losing money, but it hasn't always. It's just everything has been losing money in Michigan for the last five years, it seems.

That's what bugs me about Fox, it's like there's always a missing piece or twisted word behind the loud banner. They got some anti-union guy there who's just 'They should all be renting rooms in Ramadas instead of owning assets and using them as training centers'. The public's beef wasn't with companies having assets, it was with CEOS taking home billions and having party weekends at expensive hotels while their banks and companies plummeted and normal folks went home penniless. This isn't Gettelfinger's personal hideaway, heck he didn't even have a hand in it, it was expanded into a course before he was leader.

Also also: the UAW didn't get bailed out, the Detroit Three did.

 

[DBR]

I am adamantly against bailing out these guys, and voted against it a few weeks ago in this poll, but I don't think the Canadian gov't has a choice: they have to.

 

[TheMasterOfOrion]

GM, Chrysler ask for $21.6 bln in more US loans
http://www.google.com/hostednews/afp/article/ALeqM5gXM9NUj3KHgkw1WRfbVB1FObslqw

Auto bailout tab could top $130 billion
http://money.cnn.com/2009/02/18/news/companies/auto_bailout/?postversion=2009021818

Steel may give auto industry restructuring roadmap
http://www.businessweek.com/ap/financialnews/D96HITF00.htm

 

[John Picard]

GM, Chrysler ask for $21.6 bln in more US loans
http://www.google.com/hostednews/afp/article/ALeqM5gXM9NUj3KHgkw1WRfbVB1FObslqw

Auto bailout tab could top $130 billion
http://money.cnn.com/2009/02/18/news/companies/auto_bailout/?postversion=2009021818

Steel may give auto industry restructuring roadmap
http://www.businessweek.com/ap/financialnews/D96HITF00.htm

Uh huh. Beg, beg, and keep begging. Giving the auto industry money leads to a slippery slope. Let them either reorg or fail.

 

[John Picard]

I'd buy one of these. Once again, someone else is ahead of Detroit.

Tatanka Mini Trucks

 

[Mallory]

Something like that would be useful for all the three mile or less trips I tend to make.

 

[TheMasterOfOrion]

Chrysler bailout: Should Feds take or leave a Dodge?

http://www.sltrib.com/ci_11914199

 

[wamdue]

bail them out but only allow them to spend the money on green cars

 

[John Picard]

bail them out but only allow them to spend the money on green cars

Let the market decide. So far, "green cars" aren't in demand.

 

[John Picard]

All I can say is that it's about time.

GM CEO Wagoner to step down at White House request

DETROIT – General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce measures to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
Wagoner's departure indicates that more management changes may be part of the deal, but it is still unclear who will be put in charge of GM. The automaker recently promoted Fritz Henderson, its former chief financial officer, to become president and chief operating officer. Many in the company thought he would eventually succeed Wagoner.

Although I don't believe the Government should be loaning GM money, Wagoner is an arrogant SOB who needs to be booted anyway.