Comments on: White House Calls For Automaker Loans

Administration Wants Previous Loans Accelerated For Industry, But Senate Dems Want To Use Part Of $700B Bank Bailout

[promaclaura]

I''m in Michigan and have family members that work for GM suppliers and in engineering management at GM. I''m sooo sick of the union that I''m ready to say let them go down if it forces them to renegotiate contracts and outrageous legacy costs. GM has had poor management (making SUV''s out the wahzoo), but the UAW demands are ridiculous and they have priced themselves out of the market. For instance, the union members get their own family members hired in, a girl fresh out of high school was given a job starting at 55,000 a year. This is mind-boggling and when you see that health cost per vehicle is 1,200/1,300 compared to Japanese automakers which is a couple hundred per car, anyone with a brain can see where the problem lays, the union.

Also, I want to scream about the success of foreign automakers in the south. Michigan taxes are sooo high (thanks to Jenny Granholm) that nobody wants to set up shop hear and add to that the lack of union organization in the south and you get lots of reasonable paying jobs. These jobs are needed here, but the UAW is so intent in shooting themselves in the foot that they are being bypassed. If we bail them out without changing the reasons for the failure, GM will go down anyway because the taxpayer will be sooooo angry they won''t buy their cars anyway!

[brianp55]

These blogs are running 10 to 1 against a bailout for the US automakers and YET, the House and Senate seem determined to do exactly the opposite. Who in the hell do they represent???

[sjbj2322]

The idea that automakers DESERVE $50,000 a year plus benefits is absolutely ludicrous. We have thousands of college graduates who have deferred their immediate need for financial gratification and end up graduating with loans that have to be paid back that don''t make that much. LET THE AUTOWORKERS FILE BANKRUPTCY!! Then the union contracts will have to be renegotiated under far more reasonable and prudent terms. Then maybe (if our Congressmen are smart - duh) automakers will be forced to IMMEDIATELY start producing those cars that are stuck in the pipeline. Why are they in the pipeline? Because they don''t want to start producing something that the market wants if there''s a chance in you know where that they might be able to pull off maintaining the status quo. WHY in all these discussions have not one of these groups that have come forward been forced to present a proposal of what they are willing to sacrifice to earn the right to ask the taxpayers to bail them out? Status quo! That''s the aim. Nip it in the bud! If not, it will be a cold day in you know where before I will ever buy another American made auto.

[hitoyou1]

Sorry for the spelling. I fix this one.
No Bailout. We do not need more junk on the roads. Let them go down. The UAW is going to bankrupt the U.S.A. And for the IDIOT that says the DEMOCRATS are doing this, you are wrong. An the Republicans are not doing it. The UAW and the dumb management that lets the UAW do the dumb thinks it does, are causing it.

[hitoyou1]

No Bailout. We do not need more junk on the roads. Let them go down. The UAW is going to bankrupt the U.S.A. And for tje IDIOT theat says the DEMOCRATS are doinh, you are wrong.An the Republicans are not doing it. The UAW and the dumb management that lets the UAW do the dumb thinks it does are causing it.

[piercetheval]

..let ''em go the way of the dinosaur...When they can start making a car like a ''52 Buick again for the same relative price it cost in 1952...I''ll be the 1st in line at the dealership with CASH-IN-HAND...
...Meanwhile I believe I heard that Studabaker wants to make a come back.

[questionnews]

No more bailouts and do not use any of the money from the original bailout to rescue the auto industry. Let them file for bankruptcy and have the ability to renegotiate the labor union contracts that are killing them.

Posted by Cambone2 at 01:58 PM : Nov 14, 2008

Spot on!!
The UAW has leveraged the big 3 to a point where if there is any sort of hiccup in the economy the company risks going under. Unions had a place & purpose in the past, but now the original redeeming purpose of unions (employee protection) has now been replaced with same greed & corruption that they used to fight against. Unions now do far greater harm than they do good, and it sucks!

[tmittelstaed]

Everyone should understand what the point of taking this up now is. First it is to give some hope to the bankers currently extending credit to GM and Ford that there will be a rescue, so that they don''t do anything rash. Second, it is to get Republican NO votes recorded so that those Republicans can be pressured by their constituents, so that next year there will be wide support for the measure.
The Republican-owned Wall Street got bailed out, so if it was OK for the Republicans to bail out their friends, it will be OK for the Democrats to bail out their friends.

[paidgopshill]

The Chrsyler is going to give $30 million for Executives to stay on in the bankrupt or bailout??? That''''s crazy???

Posted by scb1111_1

It is critical that this top talent which excelled at bankrupting the company be retained. Otherwise, said talent will fan out to other companies and bankrupt them. It is vital that we know where these guys are!

[scb1111_1]

The Chrsyler is going to give $30 million for Executives to stay on in the bankrupt or bailout??? That''s crazy???

http://blogs.moneycentral.msn.com/topstocks/?fpn=chrysler%20gives%20bonuses%20asks%20for%20bailout

[ddaryl1]

what a shmae... when the Big 3 claim bankruptcy all those retiress and employees will see their pensions halved and be the responsibilty of the government under the pension protection act.

Now we will haves 10''s of millions of retirees living on 1/2 th eincome... whose going to bail them out when they can''t afford to live anymore.

Unions have built the Big 3, but CEO''s VP''s and Wallstreet instead demanded profits on the books andnot re-ivestment of those profits. Why... it''s simple the more profits on the books short term, the happier shareholders are, and the more willing they are to hand out big paychecks and bonuses to the CEO''s and VP''s that held their interest above the companies and the workers.

The middleclass worker is the foundation of this coutnry, and union labor has provided that foundation. Today we see CEOs'' making over 10,000% more then the average worker, but yet somehow people want ot blame the labor.

This economy will never get bettter unless the financial strength returns to the middle class, unions are the only avenue the average person really has, and the greed of CEO and Wallstreet is problem with Ameirca. Irresponsible capitalism !!!

the rest of us are forced to fight for every scrap we can get, and unions are th eonly option for many of us to be able to make a liveable wage. Anyone think unions are greedy are stupid. In 2008 a $50K job with heallth care an da retirment plan is a fair wage... and that''s what the average union worker makes...

[easeup-2009]

The car companies also would face tougher restrictions on pay for their executives and dividends for their shareholders than did the financial companies that got a piece of the original bailout.''''

Posted by ofbyfor3 at 02:11 PM : Nov 14, 2008

I didn''t notice any word about union concessions. Oh wait--they''re the ones who bought the election.

[ofbyfor3]

Do you understand now? Do you understand that DEMOCRATS are doing this? Do you understand that it''''s NOT BUSH????

OK let''''s see how long you can remember that...

Posted by txgrouch2007 at 01:08 PM : Nov 14, 2008

Take your meds, tex.

Quite frankly, I think we should just let them declare Chapter 11 and reorganize themselves out of their own self-created mess. Having said that, note the last 3 paragraphs of the article:

''The bill Democrats are writing would insert the government squarely into the car companies'' operations. It would require that the companies submit a plan for long-term viability in exchange for the loans, share a portion of future profits with the government and reimburse taxpayers before any other shareholder, according to aides familiar with it.

''We certainly want to make sure that there''s a plan how are you going to get out of this mess,'' said Sen. Charles E. Schumer, D-N.Y.

The car companies also would face tougher restrictions on pay for their executives and dividends for their shareholders than did the financial companies that got a piece of the original bailout.''

[edward1975-2009]

DJ IL: It''s not about being perfect, it''s about doing the right thing. And this Democratically controlled Congress, led by Pelosi, hasn''t done it yet. They haven''t the spine to govern and have caved to Bush, even though he is a lame-duck president. That''s what it is about, the courage to stand and say enough is enough. And as of today, that too hasn''t been done.

[edward1975-2009]

I''m waiting for this spineless Pelosi led Congress to put a taxpayer bailout on the agenda.

[paidgopshill]

Bush wrecked the big three!!

[paidgopshill]

Posted by txgrouch2007 a

When this comes up for a vote, most Republicans will fold just like a cheap suit, just watch!!

[nriss1859]

Democrats/Republicans...who gives a nonsense ***!

i dont want these ignorant people getting ANY money.
PERIOD!

If they were so concerned about energy they should not have been pumping out the gas guzzling suvs/hummers that they have been doing.

Now they want a bailout for BARELY realizing Americans are saying NO and not buying their cars???
Give me a break.
I bought a HONDA! WHY? Cuz I knew there cars werent worth a ***.

chap 11 boys, smile and wave, chap 11.

[txgrouch2007]

"Reid, D-Nev., rejected Dodd''s suggestion to wait until next year when Democrats will have bigger majorities in the House and Senate as well as Barack Obama in the White House. "

Do you see that D? It means Democrat.

Now, I know Wikipedia has been blasted recently as "unreliable." But I''m pretty sure Dodd really is a Democrat.

Dodd wants to wait next year to get a BIGGER Democrat majority. Because he''s afraid Republicans might not agree. Because Dodd, a DEMOCRAT, believes that REPUBLICANS might not like the idea.

Reid, ANOTHER DEMOCRAT, believes that enough Republicans will support what they, THE DEMOCRATS want to do. So he wants to go ahead and vote now.

He thinks that they, THE DEMOCRATS, can get what they want.

So you see, this is DEMOCRATS doing this. Not the GOP. And not Bush.

Got it? No? It figures.

[txgrouch2007]

"Senate Democrats will take up a bill to extend $25 billion in emergency loans to the auto industry ..."

Ya GOT THAT, TROLLS???

This is DEMOCRATS doing this. NOT BUSH. OKAY????

Here, let me help you find it. The SECOND WORD IN THE NEWS ITEM. It says right there, "Democrats."

Yup, that says Democrats all right. No mistake about it. This is DEMOCRATS doing this. Don''t go blaming Bush for it. These are DEMOCRATS at work.

Do you understand now? Do you understand that DEMOCRATS are doing this? Do you understand that it''s NOT BUSH????

OK let''s see how long you can remember that...