Originally posted by Nashville
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I guess the question becomes more of a "should unions exist for government jobs?" After all if GM is bailed out, and who really doubts they will be, the people getting that money are effectively working for the govt. -
I heard on NPR yesterday that the average plant wage at the big 3 was $80/hr when you factor in benefits. I'm not sure if that included lifetime health care. Also one of the big 3 was quoted as saying they cannot profitably build small cars; since the foreign nameplates building down south (and I don't mean mexico) do so I find that hard to believe. The $48 per hour including benefits paid by these companies is still pretty darn good. So they pay part of their medical? So do most of the workers in this country. So they have copays? So does the rest of the country. Do their executives make obscene amounts of money. Don't know, but probably not. Do the big three (or two actually, since as a private company, Chrysler no longer needs to tell us anything) have plants in Mexico & elsewher presumably builidng small, fuel efficient cars, and have been for years?
I agree with Auditorturnedgood regarding Chrysler. I love Chrysler products from way back and the company (at least until recently) had designs that were eye-catching and popular, like the PT Cruiser. I recently spoke with a Chrysler exec who said the first thing Cerberus did was discontinue leasing and fleet sales. He thought the decision was suicidal. And now they want $$s????Comment
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cars?planes
yea, john, you bought tickets to fly on a plane, you didn't buy the plane.Comment
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True, but I also trusted my life to the mechanics who maintain the plane, the pilots who fly the plane, and the company that employs them. I agree there's a time & price difference between the two purchases, but the principle is the same. There's a price at which I'm willing to buy a new car from a company in Chapter 11 even if I have concerns about whether the warranty will be fully honored.Last edited by JohnH; 11-18-2008, 08:27 PM."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Looks like the bankruptcy concept is gaining steam. Unless the big 3 are allowed to restructure under a Chapter 11 type arrangement, handing them money will only prolong the inevitable. It isn't pleasant to contemplate, but maybe it's time to deal with the mess they've created.
I'd never heard of a "prepack". Don't know if it's been around for a while or if it's a novel approach. In any event, it appears that it would remove much of the uncertainty of a standard Chapter 11 reorganization."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Corporate jet fiasco
Did you see it (GM congressional hearings)? Pretty funny, even if it did bring to mind Robespierre's French mob tormenting deposed monarchs. The GM, Chrysler, and Ford CEOs each flew private luxury jets to Washington -- estimated cost $20K each -- rather than commericial flights ($288-coach/$837-1st class) and it didn't go over well.Originally posted by JohnH View Post
The most notable quote was NY Rep. Ackmerman's: "There's a delicious irony in seeing private luxury jets flying into Washington, D.C. and people coming off them with tin cups in their hands. It's almost like seeing a guy show up at the soup kitchen in high-hat and tuxedo. "Comment
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Congress
I was watching Cavuto the other day as he interviewed a Congressman. Question to him was: "How do you feel about giving the auto companies my money (our money)" and his response was that it was not our money! This clown is not the only one saying nonsense like this.
I see little hope here!Comment
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Even politicians let down their guard and reveal what they really think, on rare occasions. The level of hubris both in Washington and in the board rooms is mind-boggling."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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John
You could be right, but this is either right up there with the jet thing or this guy holding high position is incredibly ignorant.Originally posted by JohnH View Post
Maybe, both.Comment
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Hearings
Isn't interesting that NOW after the hearings that one of the big 3 anounces that they are turning back in 2 of their private jets to the leasing companiens..
A little too late, more than likely, possible and maybe!
And what happened with the question in the hearings "Iaaco stated that he would reduce his compensation to $1at the time he gained control of Chrysler, would you as a CEO be willing to do that" And the response, as far as I saw or heard only the Chrylser CEO said yes, not Ford or GM! But then where is Nardillia's income being derived from, some speculation on that as well http://blogs.wsj.com/autoshow/2008/1...t-salary-of-1/
Seems like CEO's of all of the major Corp in America need to take a look at their compensation and payment packages, before asking for a "bailout"!
Is it possible that if we or one our t/p's as a Corp in America could also go to the table and ask for a portion of the "bailout" I have heard that many are trying, but since they are not financial instituions do not qualify. So what is a financial instituion?? Are there other sources as well that we could stand in line for??
The corporate greed is ??????????????? Little man seems once again to be odd man out!
SandyComment
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Conversation between a local talk show host and economist Walter Williams this week:
Host: "Can you describe a set of circumstances under which the the government should be bailing out the auto companies ?"
Dr. Williams: "Yes, if the government is getting the money from Santa Claus".
I love to listen to this man explain economics."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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John,
At least, the Santa Claus story makes more sense than this one!I was watching Cavuto the other day as he interviewed a Congressman. Question to him was: "How do you feel about giving the auto companies my money (our money)" and his response was that it was not our money! This clown is not the only one saying nonsense like this.
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Dennis: You're right. If I were managing the campaign for his opponent the next time he's up for reelection, that comment would be worked into practically every ad we would run. And chances are pretty good it would get him booted out of office."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Supplemental Unemployment Benefits
Many years ago when I was first married working for Deloitte (Touche at the time), we purchased our first home. One of our neighbors working on the assembly line at a Ford Plant had the nicest new home on the block (all were quite nice & middle upscale). He was the only home with a swimming pool. Each year he was laid-off for 3-4 months during the summer. He bragged how much he "loved" being laid-off. Why? He received Supplemental Unemployment benefits (SUB) from the UAW (The Autoworkers Union). How much? 85% of his regular wages, and it was tax-free at the time from State Income taxes. No wonder the auto industry is in trouble. I believe UAW SUB haven't changed.Comment
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I often go to Dr. Williams website.
Truth be known, it's where I get my favorite quotes. Here is a sample article he wrote:Originally posted by JohnH View Post
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