COMPROMISE REACHED FOR BIG 3

[Evotion]

Originally Posted by JaysonAych

I agree that there needs to be plans and conditions associated with any loan that's given. And I think Congress needs to really put their efforts in fixing some major problems that are crippling the entire manufacturing sector, not just Detroit (such as healthcare costs, insurance companies, drug companies, trade imbalances, etc). But I do find it hilarious that they shoveled $700 billion to Henry Paulson without hardly thinking about it or being concerned with conditions (and those institutions getting the money are still going on lavish junkets, paying out big CEO bonuses for ruining their companies and the economy, etc...), and there's been hundreds of billions shoveled out for Iraq....but $25 billion, a drop in the bucket compared to everything else money has been thrown at, and something that's so vital to a huge chunk of this country's blue collar workforce, they're being oh so careful with it.

This is the most frustrating part...

During the news conference, they flat out said that they were getting a lot of heat from everyone concerning the $700 billion. One of them even said they won't make the same mistake twice. Even worse, the DOW is down 40% "since" the bailout. Now there are rumors of a possible $1.6 Trillion dollar loan being requested by some of these financials.

Obviously it's not fair. Sadly what's done is done, like it or not we have to deal with it and put faith in these companies to come up with a plan that can quickly put and end to this.

If an end is not on the horizon, It's been said that if even one of the three were to go under, they all share the same tier one suppliers, and the other two would be doomed, regardless.

If that were to happen, I see nothing that could stop the economy spiraling downward into a depression.

And that is why I see them eventually being forced into some sort of an agreement.

[radz28]

I'm getting pizzed about talk shows (the ones I listen to) that keep referring to this as a "bail out". To me, that just carries a negative connotation and deflects these are LOANS not just free money they're throwing away. I don't hear about how many people will actually be effected by them going under and how much in taxes our government will be loosing.

I'm about done listening, reading, and thinking about this. I don't think there is anything I can do to influence this because of all the clowns who are in charge of this circus...

[Badger]

Originally Posted by carfansince73

It seems this money is going to be used to pay the big 3 UAW employees making a LOT more than their competitors' workers from Toyota, Honda, etc. If GM, Ford, and Chrysler, don't address this, they will be back begging again very soon. I don't want my tax dollars supporting this if that's what's going to happen. Going bankrupt next month or a year from now means the same to me because I plan to keep my car for a long time, and I want to make sure I can get warranty work and service from GM.

Also, those 3 CEO's should be slapped for being so stupid as to fly their corporate jets to this meeting in light of their financial woes. It certainly didn't help their case any.

I think Rick should pull up in front of Capitol hill on December 8th..with a fully decked out SS Camaro

[camaro5]

Might want to tell Ricky to leave his private jet in Detroit when they go back. Oh wait, he refuses to.

Like pulling up to a soup kitchen in a Rolls Royce.

[carfansince73]

Originally Posted by Dragoneye

It's already been addressed. The cost differences in terms of operation and worker pay are all but gone thanks to new contracts and restructuring. Their viability plans/reports they submit to congress in the coming week(s) will show that.

From what I understand, that is for new workers only, not the existing ones which make $27/hr plus full benefits. Toyota is half that. The UAW need to realize that if they want their members to have a job, they will have to renegotiate their contracts. A job pay that pays less is better than no job at all.

Originally Posted by radz282003

I'm getting pizzed about talk shows (the ones I listen to) that keep referring to this as a "bail out". To me, that just carries a negative connotation and deflects these are LOANS not just free money they're throwing away. I don't hear about how many people will actually be effected by them going under and how much in taxes our government will be loosing.

I'm about done listening, reading, and thinking about this. I don't think there is anything I can do to influence this because of all the clowns who are in charge of this circus...

They wouldn't need these loans from the government if they could get them elsewhere, but no one will invest that kind of money in these companies the way they are operating now. So it is a bailout.


Believe me, I hope these companies stay in business because I want my Camaro. I also want its competition to stay in business too because that way there will be an incentive to keep the Camaro at the top of its game.

[edog]

I hope they know how important it is to re-negotiate or demand the UAW come to terms with what type of cut they get from union employees. Union employees get high salaries on paper, but it is my understanding they give a large portion to Union dues. If I am incorrect please let me know.

GM must understand how important it is now more than ever to produce a car for a reasonable cost and sell it at a fair value to the consumer.

I stopped by a ford dealer today to drop my explorer off for service. I walked over the the stangs and looked at the pricing. The top one on the lot went for 32.5k at MSRP, but then they had discounts for employee pricing, manufacturer rebates, and dealer rebates, which took the price of the car down to 27.3K after all said and done.

If they offered the cars for a fair value they would not need to show all the different discounts. They need to say, here is what we paid to make it...Invoice! Here is a reasonable markup to allow us to show some profit and make it worth while to invest in this business...MSRP!

I once asked the Manager of the business unit for Ford why it took so long to get in and out of the dealership when people buy cars. He stated "some are done quick". Those who see the price and finance the price listed are in and out. Those who want to haggle for trade in and price are there longer due to the hoops the dealership must jump through to make the deal". I stated if the cars were reasonably priced we would not be sitting here so long. His response was "we all are here to make money". I guess now they are all there to save a business. It is time to renegotiate salaries and restructure vehicle pricing.

[carfansince73]

Originally Posted by camaro5

Might want to tell Ricky to leave his private jet in Detroit when they go back. Oh wait, he refuses to.

Like pulling up to a soup kitchen in a Rolls Royce.

I wonder whose Audi that is.

[The_Blur]

Originally Posted by carfansince73

I wonder whose Audi that is.

Hello—you guys represent American car companies and show up in European cars! Whoever owns that should be fired immediately.

[Angrybird 12]

I don't care how much money you give the U.S. automakers or any other U.S. company, until the american consumer gets his head out of his butt and realizes that he can't keep buying foreign products while asking for more money and benefits from the american company he works for we are all doomed!.

[Angrybird 12]

Originally Posted by carfansince73

I wonder whose Audi that is.

May be an evaluation car, they get those to benchmark the competition to see how they compare. From what I read he showed up in the Escalade.....I wonder if it was a Hybrid?

[storm79]

hmmm i've been lookin on the internet at these videos on cnbc and cnn and stuff and i'm really getting sick of these new anchors being so against giving gm this money and how they think they know what they're talking about when it comes to cars and what not it's ridiculous

[Georgie]

have pelosi and reed fly back to their states this weekend on their own dime

[camaro5]

Video: Big Three Fly Private Jets CBS

[TomServo]

Originally Posted by Dragoneye

It's already been addressed. The cost differences in terms of operation and worker pay are all but gone thanks to new contracts and restructuring. Their viability plans/reports they submit to congress in the coming week(s) will show that.

It's my understanding that "these" consessions were based on selling 16 MILLION units per year. The industry has constricted DOWN to less than 11 MILLIONyear it may fall even lower. More consessions and LAYOFF will be needed and the UAW may have drawn a line in the sand.

Correct me if I'm wrong but the BIG 3 aren't out of the woods yet with legacy costs.