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Ron G. of the UAW is already intimating that they will not give the concessions the legislation speaks of and they will simply wait until the new President takes office and deal with him. So those who think the UAW will concede, I don't think it will happen. They say they have already made enough concessions and everyone else at the table must make sacrifices. Lets take a look at who is at the table, and what were their roles in causing this situation.
1. Management - They carry a huge responsibilty. They should sacrifice salaries and all non essential assets or liabilities should be sold immediately.
2. Creditors - Well I can't see how they are at fault here, and why should they sacrifice any monetary value owed to them.
3. Suppliers - Again, I can't see how they are at fault. They supplied what was asked and should be able to business with companies that will pay for their goods and services.
4. UAW - For years they have demanded compensation and benefits that far exceed not only the competition but what the job is worth. Big deal, the Jobs Bank was cancelled last month, whoopee!. How long did it go on? All the time sucking huge amounts of cash out of the companies. Their policies and demands have as much to do with this situation as does management's.
5. Federal Government - Well now as a result of the money being given, they are at the table. Personally I can't think of a single positive thing they bring to the table.
6. Stock Holders - Were it not for them there would be no big 3. But they stand to lose and have already lost a bundle.
Who did I miss and what was their role in all of this? What sacrifices should they make.
And as to whether or not we call this a bailout or a loan is to be determined. If it gets paid back, then it will have been a loan, albeit one that our government should not have made, and if it doesn't get paid back, well then it will be called a bailout that ultimately failed.
On a side note, what I find interesting about so many of these threads is that people seem to be basing their decision largely on whether or not it will affect the Camaro being built or the price we might pay for it. This is exactly the type of mentality that has led to so many things that are wrong in this great nation. We have become a society of instant gratification, and wanting nothing to do with making the hard gut wrenching decisions that will affect the lives of our kids and grandkids.
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