Bail out fails,now what ?
12-12-2008, 08:07 AM
#1
Melting Slicks
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Bail out fails,now what ?
The Senate rejected the bail out vote. Seems the UAW would not take a pay cut in line with Foreign plant workers which seems to be why the vote did not pass. GM says it might not have enough cash to make it to January when the next congress will be in session. Makes you wonder if there will be a GM next year let alone a new model year Corvette.
12-12-2008, 08:21 AM
#2
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I would hope the UAW is smarter than that. If not that $20+ hour job is going to be what ever unemployment is. They need to think of there future..how many of them have skills that can get a similar paying job once GM folds? I feel sorry for the familes that will loose their homes etc...because a few in charge are well stupid.
12-12-2008, 09:36 AM
#4
Le Mans Master
Well, they're all still postering and negotiating right now. This thing looks more like a game of Texas Hold 'Em, then anything else.
I really kind of wonder if the Big 3 are really in that much trouble, or are they just trying to jump in the "free" money game like the banks. What is really cracking me up is all the hoops Washington is putting in front American Manufacturers, yet, they couldn't get money to the bankers fast enough. (And the banks are still not loaning money, and last week a half a million people filed for unemployment, a half million, in one week!)
Congress should force the banks to finance the "bridge loan" to the automakers. I mean really, is that not what that 700 billion was for?
I really kind of wonder if the Big 3 are really in that much trouble, or are they just trying to jump in the "free" money game like the banks. What is really cracking me up is all the hoops Washington is putting in front American Manufacturers, yet, they couldn't get money to the bankers fast enough. (And the banks are still not loaning money, and last week a half a million people filed for unemployment, a half million, in one week!)
Congress should force the banks to finance the "bridge loan" to the automakers. I mean really, is that not what that 700 billion was for?
12-12-2008, 09:40 AM
#5
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The $700 billion has not all been used...
12-12-2008, 09:44 AM
#6
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[QUOTE=lt4obsesses
Congress should force the banks to finance the "bridge loan" to the automakers. I mean really, is that not what that 700 billion was for?[/QUOTE]
Not exactly.... it was for the banks and home owners who were losing their homes. The real joke is that the ones who the money was intended for still havent gotten help.
Congress should force the banks to finance the "bridge loan" to the automakers. I mean really, is that not what that 700 billion was for?[/QUOTE]
Not exactly.... it was for the banks and home owners who were losing their homes. The real joke is that the ones who the money was intended for still havent gotten help.
12-12-2008, 09:56 AM
#7
Le Mans Master
True, some of the money was for them. But the real essence of the money was allow the banks to open up the credit lines for businesses and consumers. So that businesses could get those short term loans to make payrolls and purchases so people would not have to lose their jobs. Because, regardless of what your financial situation may be, once that pink slip hits your desk it's Game Over.
12-12-2008, 09:58 AM
#8
Le Mans Master
The Senate rejected the bail out vote. Seems the UAW would not take a pay cut in line with Foreign plant workers which seems to be why the vote did not pass. GM says it might not have enough cash to make it to January when the next congress will be in session. Makes you wonder if there will be a GM next year let alone a new model year Corvette.
12-12-2008, 10:10 AM
#9
Le Mans Master
The Senate rejected the bail out vote. Seems the UAW would not take a pay cut in line with Foreign plant workers which seems to be why the vote did not pass. GM says it might not have enough cash to make it to January when the next congress will be in session. Makes you wonder if there will be a GM next year let alone a new model year Corvette.
Automakers, "call"
UAW, " call, and raise you fifty"
So the question is, who will fold first?
12-12-2008, 10:14 AM
#10
Le Mans Master
I would hope the UAW is smarter than that. If not that $20+ hour job is going to be what ever unemployment is. They need to think of there future..how many of them have skills that can get a similar paying job once GM folds? I feel sorry for the familes that will loose their homes etc...because a few in charge are well stupid.
Now saying that "toyota" pays more than GM".....UAW gets $28.12 per hour (but toyota gets the job done with half of the workers that GM uses to get out the same amount of cars).
He's still talking.... We're the good guys, everyone who doesn't agree with the
UAW is not. The stock market is falling again.
He's now taking questions...BUT Gettlefinger is not answering the questions.
"Ron, are you willing to negotiate hourly salarys"? Wouldn't answer the question.
Last edited by runner140*; 12-12-2008 at 10:29 AM. Reason: make more current
12-12-2008, 10:22 AM
#11
MONARTOR
nice big ol thread over in PR&C.. let's all go play there
12-12-2008, 12:33 PM
#13
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People will fly on a bankrupt airline or shop at a bankrupt store because the transaction is over in a few hours or minutes. But buying a car is a long term proposition. No one is going to buy a car if there's a chance the manufacturer won't be around next year or even 5 years from now to honor a warranty.
12-12-2008, 02:47 PM
#15
Le Mans Master
If they file for bankruptcy they're finished.
People will fly on a bankrupt airline or shop at a bankrupt store because the transaction is over in a few hours or minutes. But buying a car is a long term proposition. No one is going to buy a car if there's a chance the manufacturer won't be around next year or even 5 years from now to honor a warranty.
People will fly on a bankrupt airline or shop at a bankrupt store because the transaction is over in a few hours or minutes. But buying a car is a long term proposition. No one is going to buy a car if there's a chance the manufacturer won't be around next year or even 5 years from now to honor a warranty.
12-12-2008, 03:09 PM
#17
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If they file for bankruptcy they're finished.
People will fly on a bankrupt airline or shop at a bankrupt store because the transaction is over in a few hours or minutes. But buying a car is a long term proposition. No one is going to buy a car if there's a chance the manufacturer won't be around next year or even 5 years from now to honor a warranty.
People will fly on a bankrupt airline or shop at a bankrupt store because the transaction is over in a few hours or minutes. But buying a car is a long term proposition. No one is going to buy a car if there's a chance the manufacturer won't be around next year or even 5 years from now to honor a warranty.
People will buy a car from a BK company if the price reflects the quality of product combined with the risk to the consumer.
12-12-2008, 03:26 PM
#18
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People who buy an out of warranty car are buying just that... a car with no warranty.
12-12-2008, 04:47 PM
#19
No doubt in my mind, the greedy union is at fault here. I'm sure most auto workers don't mind taking a pay cut if it means saving the company and keeping their jobs. Alternatively, they can continue to demand that their insanely high wages be paid, and soon they will have no job.
12-12-2008, 04:53 PM
#20
Well its official... Corvette production will get cut.
Jalopnik Story:
http://jalopnik.com/5108561/gm-cutti...30-of-capacity
Jalopnik Story:
http://jalopnik.com/5108561/gm-cutti...30-of-capacity