Why don't we call the potential bailout of the Auto Industry just what it is...EXTORTION. They are saying in reality "If you don't give us the money we will have to shut down our plants and put 3+ million people connected with our industry out of work" You can call it a threat...I call it EXTORTION. Bigger is not better...Bigger is dangerous. OH by the way...seeing the Governor of Michigan on Obama's Economic advisory panel should make everyone sick...she is in the pockets of the Unions. Speaking of the Unions in this potential bailout...what are they going to sacrifice in the deal..commitment to lower wages, better unit per man our production, better quality..lets hear their plan.
Riegels Rants
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I believe that bankruptcy is the proper path for the auto industry. Chapter 11 would allow the companies and their suppliers to continue working (which they most certainly would), and would put the resolution of the bankruptcy under the supervision of a federal judge. Actual facts would have to be presented to support Management's planned solution, and those facts and plans would be open to public scrutiny.
The judge's job is to protect the creditors, not management. Other solutions could be considered, and if the judge believes a proposal other than Management's is better for the creditors, then the judge can opt for that solution.
Bankruptcy allows Management (or whomever ends up in charge) to end contracts and renegotiate new ones. The industry would have a chance to to set total labor costs at a competitive level. Please don't lament about those who put in 40 years with an expectation of a secure retirement. First of all, life is hard so get a helmet. Secondly, those who are in the retired ranks got paid way too much for way too long at the expense of the car buying public. Their turn at the munificent teat of the Big Three is over. Tough.
No doubt Obamanians will feel a need to soften the blow to these supposed victims of the working class, notwithstanding their average total cost of employment of over $70 per hour (see linkhttp://mjperry.blogspot.com/2007/07/uaw-pricing-themselves-out-of-market.html). These folks rival investment bankers in terms of dollars paid compared to value created. I am willing to let them fend for themselves, but the Unions have the Obamanians bought and paid for, so I know those of us who actually pay taxes with have to ante up.
If we ended up with a competitive industry, it might be worth it.
My friend Riegel returns with a nice note. Our friend (for me by marriage) Richie seems to hate deficits more than anything. But, Unions, hey that is a different issue. Distorting economic worth is what got us into this mess and now you want more of the same??? And this is going to promote economic growth and reduce the deficit?
The reason our Auto industry is not competitive is because of the Unions! Plain and simple. I heard a retired auto worker on talk radio take "credit" for getting Ford where it is, LOL, he did not get it!!!
Now Mister card check wants to mess up A LOT of other industries.
Wow
Jim G. Did you say UNIONS are the problem. Let me ask you how did they get ALL THOSE BENEFITS?
Hags says " Life is hard get a helmet" This is why I have a problem with Management. Unions were created because there was bad management if there was good management there never would have been a use for unions. Second get a helmet. Get a Heart! America was built by hard working immigrant families who traded their sweat and blood for a company, and all they expected was a decent wage and some loyalty. They don't deserve get a helmet life's tough shame on you Hag's you are a better person than that. Let me ask Hag's what cut did management take during that 40 years to assure the car buying public they got a fair deal.
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