Automakers are in dire straits...

Fri, 11/07/2008 - 12:16pm
By: Cyclist

and have approached the Guv for another $25 Billion for a total of $50 billion of public money. Ford and GM have both burnt through about $14 billion in the last quarter. What should the Guv do? Let them go BK or throw money at them.

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Cyclist's picture
Submitted by Cyclist on Sun, 10/25/2009 - 5:54pm.

will be visiting a closed General Motors plant in Wilmington, Delaware, where he is expected to announce that it will be reopened for the building of plug-in hybrid electric cars.

The California-based venture capital firm Fisker Automotive Inc has reached a deal to buy the former GM assembly plant and plans to use it for the manufacture of the cars, according to a source familiar with the details of Biden's visit.

A White House statement on Biden's visit said he planned a major announcement about the assembly plant's future but gave no other details. Delaware is Biden's home state.

The announcement is planned for 10 a.m. EDT (1400 GMT) on Tuesday.

Source: REUTERS

Oh, in case you’re interested, according to Fisker's website the starting price for these new cars is................$87,900.

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Submitted by MYTMITE on Sun, 10/25/2009 - 10:59pm.

extension cord that costs $87,000.00. Guess you will have to keep on riding that bike. Maybe I will get to see you in those biker shorts yet.

S. Lindsey's picture
Submitted by S. Lindsey on Sun, 10/25/2009 - 9:10pm.

This administration is about the "wittle" people... I guess they are going to give up another taxpayer funded "Cars for Clunkers" program so they can buy them.

"A Government big enough to give you everything you want, is strong enough to take everything you have." Thomas Jefferson


Submitted by PTCGOIL on Mon, 06/01/2009 - 5:25pm.

Dayton Oh. An additional 1,300 jobs to add to the already announced expansion of the PTC facility. I REALLY hope Fayette County Dev. Authority knew about this and has been working to get this.
Their main clients are Home Depot and Suntrust, already based in Georgia. Fayette County should be at the top of the list for this. How about our Fayette city leaderships jumping on this to make offers??? Chambers of Commerce??? Board of Commissioners???

Cyclist's picture
Submitted by Cyclist on Mon, 06/01/2009 - 5:17pm.

Government Motors when can expect those new cars?
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meanoldconservatives's picture
Submitted by meanoldconservatives on Mon, 06/01/2009 - 5:45pm.

My girlfriend is sitting in a beach chair with her feet in the ocean (as we speak). She's about 80 miles up the road from where you are headed. She's reporting the water is really clear and plenty warm. Lots of dolphins and rays this morning....

Have a great time and I hope the fishing is as good as you are hoping!


Cyclist's picture
Submitted by Cyclist on Mon, 06/01/2009 - 7:00pm.

Thanks for the wx report. I've been checking it and the "fishy" report as well. The water is in the upper 70's with a very slight surf. Wind is inshore at under 10 mph. Just perfect weather to play with those pesky fish. The only that that can spoil it is the infamous "June Weed" and or high surf.

It will not be long until once again, I prove Archimedes was right about how massive bodies (like mine) can displace water! Smiling

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Cyclist's picture
Submitted by Cyclist on Thu, 05/28/2009 - 6:14pm.

if the "Guv" provides another $30 Billion. Of course, this is on top of the $19.4 Billion already thrown down that hole. When will this madness end?
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Cyclist's picture
Submitted by Cyclist on Thu, 04/30/2009 - 12:42pm.

just a little while ago. Lets see how long "Government" Motors last before its turn.
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Cyclist's picture
Submitted by Cyclist on Wed, 04/15/2009 - 5:01pm.

So then the next lifeline will go to a foreign owned and controlled company being subsidized by public money. Puzzled

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Submitted by mysteryman on Wed, 04/01/2009 - 2:12pm.

GEE I WONDER?????

Submitted by mysteryman on Thu, 04/02/2009 - 2:33pm.

I thought it stood for the same stuff they are manufacturing today.....KRAP......BLESS

TonyF's picture
Submitted by TonyF on Thu, 04/02/2009 - 5:12am.

If memory serves, the configuration of the sub-frame resembled a "K".

"Your, yore, you're all idiots." (T.Floyd)


Submitted by mysteryman on Wed, 04/01/2009 - 9:46am.

In an effort to redeem some of our treasury notes, and to keep them from calling note due. Too bad theyre not suckers, we could gain alot by pawning this problem off on some other country. Oh yeah i forgot they would just call CARFAX and get the low down....PEACE

Submitted by mysteryman on Tue, 03/31/2009 - 7:55pm.

Hey they might even bring back the K-car, who knows then Renault will probably bid on G.M. at the bankruptcy auction and scoop it up for cents on the dollar. Hey they might bring back the Le-Car. Ford is set to roll out for the first time in decades, the all new 2010 Pinto O-DOG edition, complete with old school Pierre Cardin plaid interior and optional roof rack....Man sure to be a best seller....i can hardly wait, then there is those government insured warrantys, as well as walk away financeing in the near future, heck lose your job...no prob just bring the car back and walk away.... The American Dream alive and kicking.....PEACE..

Cyclist's picture
Submitted by Cyclist on Tue, 03/31/2009 - 8:08pm.

AMC and Renault marriage with gave us an offspring called the Renault Alliance. What a piece of...........!
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Submitted by mysteryman on Wed, 04/01/2009 - 7:15am.

Through the streets of France in "A View to A kill" IN part To make a mockery of the era of the disposable car, kinda like the disposable tampon ehh.... Both did well when flushed down the toilet, just like the American automakers will be.. Is there not anyone hungry enough out there to come in and start anew when these so called icons of America, what a shame finnaly are lowered into the ground, you know the government has been supporting detroit since the 80s tarrifs and embargos on 3/4 ton and 1 ton foriegn made pickups was initiated in 1983. Do any of us remember the gas crunch of that era, and the rush to diesel power, and the infamous gasahol boycott. Yeah lets hurry up and get it over with, so we can start anew, and move on with a viable and real recovery, instead of the pending pipe dream......PEACE

Cyclist's picture
Submitted by Cyclist on Tue, 03/31/2009 - 8:20pm.

who could forget the infamous Citroën DS? Yuk!!
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The Wedge's picture
Submitted by The Wedge on Tue, 03/31/2009 - 8:35pm.

How is Mrs. Wulfman doing? Do you know?


Cyclist's picture
Submitted by Cyclist on Tue, 03/31/2009 - 9:02pm.

My last e-mail from Greg indicated that she was still not well. I'm going send him an invitation to the next coffee outing sometime during the second half of April.
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The Wedge's picture
Submitted by The Wedge on Tue, 03/31/2009 - 9:05pm.

Could you kindly inform me of the frequency and place or is it a closed clatch?


Cyclist's picture
Submitted by Cyclist on Tue, 03/31/2009 - 9:24pm.

All are welcomed. There is no set frequency but we do try to alternate between Fayetteville and PTC. The next will be in PTC. I'll post something after spring break. Hope to see you there!
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sniffles5's picture
Submitted by sniffles5 on Tue, 03/31/2009 - 9:35pm.

Any day after April 9th is okay with me.

That's when Skyspy's restraining order expires. Eye-wink


S. Lindsey's picture
Submitted by S. Lindsey on Tue, 03/31/2009 - 8:27pm.

They do so many things so well... NOT

I will not lower my standards.. So UP YOURS.. Evil

GUN CONTROL Link


S. Lindsey's picture
Submitted by S. Lindsey on Tue, 03/31/2009 - 8:13pm.

That was all it did well though

I will not lower my standards.. So UP YOURS.. Evil

GUN CONTROL Link


Submitted by mysteryman on Tue, 03/31/2009 - 6:50am.

UNITED SOCIALIST STATES OF AMERICA..... Welcome to a new day folks get in your government provided car and head to your government provided job, eat your government provided lunch, finish up the shift and stop by O-MART with your government ration card to get some groceries on the way home to your government provided house, then at the end of the week get a voucher that says you can keep the car and house for a another week as compensation for such. No need for the fair tax now ehhhhh????? Have a nice day....Its where we are headed folks if you chose to do nothing and sit there and be hypnotised by daytime television.....PEACE

S. Lindsey's picture
Submitted by S. Lindsey on Tue, 03/31/2009 - 7:26am.

You should read the book.. interesting how much it aligns with what is happening today.. Written about 6-8 years ago.. It describes how there are 2 Americas.. One aligned with the Muslims the other a more 1950 era America.. both sides have a standing army.. It is written from the point of view of a Muslim Assassin sent in to Assasinate the "Free American" President.
In the book it was ridiculiously easy to tempt many Americans to align peacefully with the fanatic Muslims.. offering cheap gas and MONEY to pay off our debts and keep us solvent.. all we have to do is convert..
Sound a little familuar..

I will not lower my standards.. So UP YOURS.. Evil

GUN CONTROL Link


Fred Garvin's picture
Submitted by Fred Garvin on Tue, 03/31/2009 - 7:14am.

He is now a fascist dictator.

Notice how he worked in to have all warrantees guaranteed by the Federal Gubberment without a house or senate vote.

The United States of America
July 4, 1776 - Jan 20, 2009
Rest in Peace


Submitted by mysteryman on Mon, 03/30/2009 - 7:59pm.

Alas the government is waking up to the insanity of this movement to save a sinking ship.. Obama says G.M. has not shown a viable recovery plan, and sends C.E.O Packing clearing the way for government control, and denies additional taxpayer funds pending review, in parting O-DOG assures the people that the federal goverment through the use of T.A.R.P funds will back all warranty by any american automaker that goes bankrupt. In other words folks, its over, the plug is going to be pulled. Its just a matter of how not when....PEACE..

Robert W. Morgan's picture
Submitted by Robert W. Morgan on Tue, 03/31/2009 - 5:37am.

Since Prezbo has shown he is unafraid to meddle in the affairs of private companies, let him consider getting rid of the union leader, then he can dictate their new wages and retirement package.

Who's next? Airlines? Home Depot? WalMart?


Cyclist's picture
Submitted by Cyclist on Tue, 03/31/2009 - 5:51am.

after all the public money that was given to them?

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The Wedge's picture
Submitted by The Wedge on Mon, 03/30/2009 - 9:02pm.

This should have happened to this company. It was foolish to let it fester. What plan was the President expecting? The company needs to be gutted and bankruptcy can do that.


Submitted by mysteryman on Sun, 03/29/2009 - 7:19pm.

Ford cannot even keep it sparkplugs in its engines. Chevrolet fit and finish on its cars looks like somthing out of vocational school. And Dodge has resorted to bring back cars from a by gone era... Seems like way backward instead of foward....What the heck cut em a check....PEACE..

Cyclist's picture
Submitted by Cyclist on Sun, 03/29/2009 - 5:49pm.

say they are supportive of giving GM more aid.

Perhaps they'll want to change the name to "Government Motors".

Story


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Cyclist's picture
Submitted by Cyclist on Sat, 02/14/2009 - 1:13pm.

Story

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Cyclist's picture
Submitted by Cyclist on Sat, 02/14/2009 - 3:43pm.

Story.

This just keeps getting better! Will the Guv give in with more aid?

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Submitted by skyspy on Sun, 02/15/2009 - 7:19am.

They deserve to fail.

The American people have already told that company everything they need to know. That is why they are failing. No one is buying their crap products. Buisness that don't produce good products that people want to buy deserve to fail.

Let's let capitalism work. Take back the money we have already given them. Sadly I'm sure our weak minded politicians will give them more money so they can keep failing.

diva's picture
Submitted by diva on Sun, 02/15/2009 - 8:35pm.

And can you give me an idea how this would play out in the "pure capitalism" world?

We put a few million auto workers on the street. They go get in the unemployment line. Unemployment costs money. That money comes from taxpayers. Zero chance of tax revenue ever coming back from the Big Three whom we just watched die. Not to mention all of the foreclosures of autoworker's houses coming right behind their layoffs.

Do we let the autoworkers starve, give them unemployment?

How does capitalism deal with the added foreclosures and unemployment?

I just can't seriously see where pure capitalism, without any government regulation, restraint, or (in drastic times) intervention is the panacea that fiscal conservatives somehow think it is.


ionizd's picture
Submitted by ionizd on Mon, 04/20/2009 - 10:27am.

has never been allowed to work. There are way too many who value mediocrity for all over excellence for those who are willing to strive for it. Government has a tendency to favor the former.
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"All I ask for is a little common sense. Apparently that's too much to ask for."


Cyclist's picture
Submitted by Cyclist on Tue, 02/17/2009 - 10:04pm.

Washington Times

GM Chief Executive Officer Rick Wagoner conceded that the company's biggest financial burden - $27.5 billion in debt to finance retiree health care benefits - has not been resolved in negotiations with bondholders.

I'm curious, what role will public money play?

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Submitted by skyspy on Sun, 02/15/2009 - 11:16pm.

Then move forward. There is a reason why our nation was a super power for so long.

Until FDR came alone with his socialist programs we were a strong nation built on hard work. We were a nation of people who took pride in hard work. We were a brave nation, filled with brave people who fought long and hard to come here.

There is a reason why socialist based european, and communist based countries have faltered for years. Even the poorest of the poor in our country have and are now richer than the poor in those countries.

Socialism has NEVER worked. It has only served to make everyone equally poor. That is not success, that is a complete FAILURE.

This brings to mind Margaret Thatcher and her wisdom. " The problem with socialism is eventually you run out of other people's money".

GM is a crap company that hasn't put out a good product in at least 15yrs. They are garbage lazy idiots. Let them fail.

Let Mercedes or BMW come in take over the plant and put out a product Americans would be proud to buy. It would be nice not to have to wait 3 months for a special order BMW to come from Germany. It would be nice to buy a car that was a good, reliable, product here made by Americans. But if they can't produce a quality product I will continue to be forced to spend my money on brands that aren't American.

PS: Have a safe trip, stop by when you get the time.

diva's picture
Submitted by diva on Mon, 02/16/2009 - 1:56am.

"There is a reason why socialist based European, and communist based countries have faltered for years. Even the poorest of the poor in our country have and are now richer than the poor in those countries."

What exactly do you base this statement on? What would lead you to think our poor are somehow richer than Danish, Dutch, British, or French poor? We, unfortunately, lag those socialist countries you refer to in literacy(approximately 33d in the world, even behind Russia and Cuba), infant mortality ( we are 33d, behind all of Europe's first world), life expectancy(sadly we're 47th)***. I just don't see that, personally.

Socialism never worked? Are conservatives now arguing that medicaid and medicare are failed programs? And again, what is pure capitalism? Can you tell me one nation on planet Earth that is purely capitalistic without a single social program? You are talking about neat concepts that don't exist, and haven't since the founding of The Dutch India Trade Company.

I imagine that with pure capitalism, we'd have to employ our 14 year olds in sweat shops to level the playing field with China and The Marianas Islands. If you can tell me where a model of pure capitalism exists, I'm all ears like Obama.

And about those cars: I don't want to burst any bubbles, but

Chrysler Crossfire = Mercedes SLK.

Chrysler Pacifica = Mercedes R Class.

Volvo = Ford = Mazda

This is a very interconnected world we live in. For all socialism's failures, it seems you at least like their ability to produce cars.

*** Nationmaster.com is a good source for national quality of life comparisons.


ionizd's picture
Submitted by ionizd on Mon, 04/20/2009 - 12:33pm.

If you insist on making this argument, I have to remind you that there is a lot of room for funny business when it comes to statistics.

Your take; "[We, unfortunately, lag those socialist countries you refer to in] infant mortality ( we are 33d, behind all of Europe's first world)"
Disclaimer: "A 2006 article in U.S. News & World Report claims that "First, it's shaky ground to compare U.S. infant mortality with reports from other countries. The United States counts all births as live if they show any sign of life, regardless of prematurity or size. This includes what many other countries report as stillbirths. In Austria and Germany, fetal weight must be at least 500 grams (1 pound) to count as a live birth; in other parts of Europe, such as Switzerland, the fetus must be at least 30 centimeters (12 inches) long. In Belgium and France, births at less than 26 weeks of pregnancy are registered as lifeless.[4] And some countries don't reliably register babies who die within the first 24 hours of birth. Thus, the United States is sure to report higher infant mortality rates. For this very reason, the Organization for Economic Cooperation and Development, which collects the European numbers, warns of head-to-head comparisons by country"
Another challenge to comparability is the practice of counting frail or premature infants who die before the normal due date as miscarriages (spontaneous abortions) or those who die during or immediately after childbirth as stillborn.
This point is reinforced by the demographer Ansley Coale, who finds dubiously high ratios of reported stillbirths to infant deaths in Hong Kong and Japan in the first 24 hours after birth, a pattern that is consistent with the high recorded sex ratios at birth in those countries and suggests not only that many female infants who die in the first 24 hours are misreported as stillbirths rather than infant deaths but also that those countries do not follow WHO recommendations for the reporting of live births and infant deaths."

Your take; "We, unfortunately, lag those socialist countries you refer to in literacy(approximately 33d in the world, even behind Russia and Cuba)"
Disclaimer: "In collecting literacy data, many countries estimate the number of literate people based on self-reported data. Some use educational attainment data as a proxy, but measures of school attendance or grade completion may differ. Because definitions and data collection methods vary across countries, literacy estimates should be used with caution."
— United Nations Development Programme Report 2007/2008. page 226

Your take; "[We, unfortunately, lag those socialist countries you refer to in] life expectancy(sadly we're 47th)"
Disclaimer: Figures are from the 2008 CIA World Factbook[1] and from the 2006 revision of the United Nations World Population Prospects report, for the period 2005-2010 [2]. Only countries/territories with a population of 100,000 or more in 2007 are included in the United Nations list.
"The life expectancy (both sexes, at birth) of the world is 66.26 years (64.3 years for males and 68.35 years for females) for 2008 according to CIA World Factbook 2008 and 67.2 years (65.0 years for males and 69.5 years for females) for 2005-2010 according to United Nations World Population Prospects 2006. Life expectancy ranges from 84.33 years in Macau to 31.99 years in Swaziland. Many of the countries with the lowest life expectancies, namely Swaziland, Botswana, Lesotho, Zimbabwe, South Africa, Namibia, Zambia, Malawi, Central African Republic, Mozambique and Guinea-Bissau, are suffering from very high rates of HIV/AIDS infection, with adult prevalence rates ranging from 10 to 38.8 percent [3]. Also note that in countries with high infant mortality rates, the life expectancy at birth will be lower and may not reflect the life expectancy a person who has survived his/her first year of life would have."

Basically, it all boils down to you believing what you want to believe. I have no small amount of experience with at least one socialist program here in the states. It's called, "Military Medical", and it blows-HARD! The fact is, I was ill for years while I was in the military, and even though the symptoms were obvious to the first private doctor I used when I got [Private] insurance, somehow all those wonderful guv'mnt doctors missed it.

If you want socialism so badly, why don't you move to a country that will be more to your liking? That's the biggest difference between a real conservative and a liberal. As a real conservative, I sincerely just want to be left alone with the fruits of my labor mostly intact. Liberals feel the need to shove their beliefs down everyone's throats.
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"All I ask for is a little common sense. Apparently that's too much to ask for."


Submitted by skyspy on Mon, 02/16/2009 - 6:37am.

Yeah, that's just it, we do lag behind in life expectency. Mostly because of our rich lifestyle choices. We are an obese society. We spend more time watching TV than we do reading or exercising. Have you watched TV in other counties? Kind of primitive, and boring, no wonder they exercise more.

You are in Brazil, check out how the people live in the modest sections of town. Do you see anything like that here even in the inner city? I have not seen anything like it even in cabbagetown.

Have a good day. I have to go work so all of the parasites can live off of my tax dollar. I can hardly wait to hear your stories from caraval.

JeffC's picture
Submitted by JeffC on Mon, 02/16/2009 - 8:33am.

What TV cable service do you use? Mine just provides a lot of crap. I have no sympathy for people getting obese by sitting on the couch watching Supernanny or tonight's two hour season premier of The Bachelor. I've got probably a thousand hours of TV selection tonight and I'll watch House if its new and Big Bang Theory if its new. An hour and a half. And tonight is one of the better nights.

Vast wasteland.


Submitted by skyspy on Mon, 02/16/2009 - 8:40am.

I have direct TV. It is full of crap also, except for discovery channel.

TV is even more dull in other countries. No wonder they read and find more productive ways to spend their free time.

I love Mrs. JeffC's idea concerning the fertility clinics. I would be an easy solution to a big problem. But there we go trying to use common sense again.

Have a good day.

Submitted by mysteryman on Sun, 02/15/2009 - 9:32am.

However i will no longer but an american vehicle, these vehicles cannot even achieve 100,000 miles with out require major service, I:E transmissions, differentials, there is no quality in the stuff coming off the line today, so they did it to themselves.... PEACE

Cyclist's picture
Submitted by Cyclist on Sun, 02/15/2009 - 9:54am.

automobile reliability claims since the methodology use to gather such information is not too terribly accurate. The only real accurate information is warranty work which no auto manufacture will typically release to the public.
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Submitted by mysteryman on Sun, 02/15/2009 - 9:32am.

However i will no longer buy an american vehicle, these vehicles cannot even achieve 100,000 miles with out require major service, I:E transmissions, differentials, there is no quality in the stuff coming off the line today, so they did it to themselves.... PEACE

Submitted by AtHomeGym on Sun, 02/15/2009 - 2:53pm.

Different people have different experiences. I own a 98 GMC with 108K miles and a 99 Pontiac with 132K miles---no major problems with either one and they both look almost new.

Submitted by mysteryman on Sun, 02/15/2009 - 6:38pm.

You seem not to drive much by the age of your vehicles, so if you just go to the grocery store then possibly. However i depend on my vehicles everyday, service and maintain them above and beyond what the manufacturer recomends, and still find myself buying transmmisions and other big ticket items. The only thing that has kept Detroit alive this long, is the Governments ban on imported 3/4 and 1 ton vehicles, already we are seeing companies such as International, Peterbuilt, losing market share to the recently relaxed tariff on commercial trucks in this country. Volvo, Hino, And Nissan, will be the proverbial nail in the coffin for these U.S. manufacturers, just as soon as Toyota, And Nissan, are able to bring 1ton and 3/4 ton vehicles as well as light duty diesel. Detroit will be as distant as the dinosaurs that they produce, they should be ashamed...BLESS

Cyclist's picture
Submitted by Cyclist on Sat, 12/20/2008 - 5:27am.

"With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together, including labor, dealers, creditors and suppliers, to make the hard choices necessary to achieve long-term viability," Obama said. "The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely necessary to save this critical industry and the millions of American jobs that depend on it, while also creating the fuel efficient cars of tomorrow."

Obama was if he has plans to change the terms of the automakers’ loans when he takes office – as groups such as the United Auto Workers are already upset over some of the provisions that apply to workers.

Well, let's see how this all plays out. It might be a short honeymoon.

Courtesy of ABC News
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Submitted by Bonkers on Sat, 12/20/2008 - 8:07am.

Can you imagine what the Pilots union would do if the government told them to cut their wages in half, no pay for layoffs, and a reduced salary and pension for all!

They would shut down the airlines permanently instead!

Is there is difference in a Pilot's union and a "workers" union?

Cyclist's picture
Submitted by Cyclist on Sat, 12/20/2008 - 10:20am.

Is there is difference in a Pilot's union and a "workers" union?

The answer to that is no. Like the UAW, ALPA applies pattern bargain practices to achieve compensation packages for their members. An example of this is UAW would open negotiations with Ford and come away with improved contract and then it's off to GM to get a little better package than what Ford has and then its off to Chrysler and that contract would be better than GM's. Then the cycle repeats its self with Ford again; ratcheting upward each time.

ALPA is no different; it goes to each airline ratcheting up each contract better than the previously one.

However, there is one slight difference in the playing field. UAW is governed by the NLRA (National Labor Relations Board) while airline unions are governed by the RLA (Railroad Labor Act). The big difference here are strikes (AKA self help). The RLA requires much mediation before any strike could occur. Therefore, airline unions cannot be a party to "wildcat strikes". This is done in order to prevent disruption to the national economy. (Unlike the French)

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Cyclist's picture
Submitted by Cyclist on Sat, 12/13/2008 - 9:43am.

How about this. $15 billion represents 522,375 units/cars or 21% of all registered passenger cars in the US (2006). So if your car is at least 10 years old you take it down to the GM or Chrysler dealer and exchange it with a new and much more fuel efficient car. We'll call it the "Guv Car" program.

Of course, they'll all be the same color and you'll have to install your own spinning wheel covers. Smiling

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JeffC's picture
Submitted by JeffC on Sun, 11/16/2008 - 1:41pm.

My guess is that they will be bailed. Would it influence your opinion to know that the UAW retirees are guaranteed by the federal Pension Benefit Guaranty Corp. If Ford and GM go under, taxpayers are on the hook for over $200 billion in retirement guarantees. Plus unemployment insurance payments of about $42 billion even if Congress doesn't extend the benefits. What would be your guess on that happening?


Cyclist's picture
Submitted by Cyclist on Sun, 11/16/2008 - 2:20pm.

Look at my 11/7 post below regarding retirees. You know what is really intersting, is that it was the failure of another car manfacturer - Studebaker - that in 1963 got the ball rolling for ERISA.

If we have to bail them out then, we have really reached the end of development of capitalism in this country.
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Cyclist's picture
Submitted by Cyclist on Sat, 11/15/2008 - 7:52am.

In exchange for government aid, the Big Three's creditors, shareholders and executives should be required to accept losses as large as they'd endure under Chapter 11'' bankruptcy protection, economist and Obama adviser Robert Reich wrote on his Web site this week. ``And the UAW should agree to some across- the-board wage and benefit cuts,'' he added, referring to the United Auto Workers union.

Bloomberg.com

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Submitted by Bonkers on Sat, 11/15/2008 - 11:43am.

What do you think about cutting pensions of people who are currently getting them?

Such as:

Military
Pilot
Auto
Railroad
Civil Service
VA
IBM
Delta
Failed executives
Town, city, County, State, and other federal employees
401-k (contributed part by employer)
Bankers
Insurance companies
Manufacturing companies
Casino Operators employees
Former Presidents, governors, etc.
Former Congressmen and Senators
And their staffs?

Cyclist's picture
Submitted by Cyclist on Sat, 11/15/2008 - 1:21pm.

Lets just go back to Nixon's wage and price controls.
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Submitted by skyspy on Sat, 11/15/2008 - 8:42am.

This is going to get real good. obama took a lot of money from unions and made some big promises. I smell disenchantment, and politics as usual. Say one thing do another.

carbonunit52's picture
Submitted by carbonunit52 on Sat, 11/15/2008 - 8:50am.

It appears to me that he is using a common sense approach. For starters, I would rather see support for the auto industry than financial institutions, simply because they actually produce a product. A fair solution will leave both sides unhappy; that result lets you know that you got it right. Asking for concessions from a union is a lot more palatable to the union members than the "union busting" agenda of the Republican party.

"I can't wait until tomorrow, because I get more lovable every day."


bad_ptc's picture
Submitted by bad_ptc on Thu, 11/13/2008 - 8:59pm.

Fed Defies Transparency Aim in Refusal to Disclose

"Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral."


carbonunit52's picture
Submitted by carbonunit52 on Thu, 11/13/2008 - 9:11pm.

a trillion there, pretty soon you're talking about some big money.

(One trillion = One thousand billion = 1 million million)

"I can't wait until tomorrow, because I get more lovable every day."


Cyclist's picture
Submitted by Cyclist on Thu, 11/13/2008 - 9:04pm.

NOW!!!!
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Cyclist's picture
Submitted by Cyclist on Sun, 11/09/2008 - 8:27am.

Guv issued car?

Ah heck, why worry about it. They're going to get the money.

A U.S. rescue package for the so-called Big Three is likely before President George W. Bush leaves office in January, Dennis Virag, president of Automotive Consulting Group in Ann Arbor, told Bloomberg Television last week.

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Submitted by bowser on Thu, 11/13/2008 - 7:16pm.

Chapter 11 was good enough for Delta, Northwest and United. It's good enough for GM and Ford, too.

And where is it written that we need 3 domestic carmakers anyway? One well-managed one would be nice. We have plenty of competition and new plants all over the country due to the foreign entrants.

I think the Dems are wrong on this one, and you GOPers may be surprised at one person who agrees: http://robertreich.blogspot.com/

Submitted by Nitpickers on Sat, 11/08/2008 - 5:54pm.

It is just that they want this money to pay everyone off before they leave!
The Ponzi scheme for all of Industry, government, and individuals is over or soon will be.
The sooner and quicker--the better. Won't waste nearly as much Treasury letting it happen
Just provide jobs for everyone so that they can eat.

Cyclist's picture
Submitted by Cyclist on Sat, 11/08/2008 - 5:10pm.

Well son, back before the turn of the century, companies either succeeded or failed in the marketplace through their own actions. That means that when companies that were once industry leaders, companies like the Pennsylvania Railroad, Eastern Airlines and Enron failed to mind the store and ran into financial difficulty, they were forced out of business.

Wow dad, why would the government let companies go out of business?

It was good for the economy son, because then new companies who were hungrier and more innovative would take their place. We still have plenty of railroads, plenty of airlines and more than a few companies like Enron who do nothing at all yet manage to survive. Without allowing companies to fail, we put ourselves in the position of settling for the same old mediocre garbage.

Is that why Ford's bringing the Pinto back? Grandpaw said he used to have one, until it exploded at a stoplight.

That's right, Son. That's exactly right.
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Cyclist's picture
Submitted by Cyclist on Sat, 11/08/2008 - 8:24am.

$158 MILLION A DAY.
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Main Stream's picture
Submitted by Main Stream on Fri, 11/07/2008 - 12:37pm.

If the government DOES give them any financial help, it should have some conditions attached that force them to retool their factories in order to build cars that Americans actually WANT (hybrids, electric) and will buy, instead of building gas-guzzling Hummers and SUV's.

The automakers dug themselves into this hole and they need to have the intelligence now, and foresight, to prepare and build for the future.


The Wedge's picture
Submitted by The Wedge on Fri, 11/07/2008 - 12:43pm.

"The automakers dug themselves into this hole and they need to have the intelligence now, and foresight, to prepare and build for the future"

Let them fail. They did dig the hole and will not get out of it. Other car companies will emerge from the wreckage. The public will be served by someone else making what the public demands.


meanoldconservatives's picture
Submitted by meanoldconservatives on Fri, 11/07/2008 - 1:00pm.

"Detroit pushes Capitol Hill for bailout
The Big Three meet with Pelosi and Reid to discuss industry's dim outlook and a possible bailout as GM and Ford face quarterly losses.

The industry officials first met with House Speaker Nancy Pelosi, D-Calif, then with Senate Majority Leader Harry Reid, D-Nev. Both have said they are open to additional federal help for the automakers.

"It is essential that we preserve our manufacturing and technology base in this country," said Pelosi, in a prepared statement released by her office following the meeting.

"Today, the Democratic leadership discussed how to protect hundreds of thousands of workers and retirees, safeguard the interests of American taxpayers, and use cutting-edge technology to transform blue-collar jobs to green collar jobs for generations to come," she said.

Rep. John Dingell, D-Mich, one of the industry's strongest allies on the Hill, voiced support for offering federal help to the automakers, following the Thursday evening meeting with Pelosi.

"They are not seeking cash just to spend it," Dingell said. "They are seeking money to invest in jobs and opportunity for American workers and American industry."

One auto executive said it is not yet clear if the industry will seek help during an expected lame-duck session of the outgoing Congress later this year or if it will wait for the new Congress and President-elect Barack Obama to take office in January.

What was CNN Money thinking by posting this?

Yeah, yeah, we know. This is different than the bank bailouts. Looks like "old style Chicago politics" at its best. Something like "we delivered those union votes, now it's time to pay the vigorish".....


Cyclist's picture
Submitted by Cyclist on Fri, 11/07/2008 - 1:39pm.

guess who is going to pick-up the retirement plans for those workers. Got a mirror? Smile in it.Smiling
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bad_ptc's picture
Submitted by bad_ptc on Fri, 11/07/2008 - 7:48pm.

Ailing GM looks to scale back generous health benefits

This was a industry wide problem years ago that the UAW wouldn't address.

I guess when they close the doors and turn out the lights the UAW will finally understand.


Acey1's picture
Submitted by Acey1 on Fri, 11/07/2008 - 9:40pm.

the UAW believes the old Ford plant is "just being modernized", and they'll all be back to work soon.


Mike King's picture
Submitted by Mike King on Fri, 11/07/2008 - 12:57pm.

...and throw out the bums in Congress that continue to support such measures. Was it not our esteemed Members Of Congress that for years sat idly from both sides of the aisle and let this fester? A good tar and feather treatment would be a start. I would be proud to know it was my vote that caused the Senatorial runoff, even if Martin reminds me of a former Peachtree City politician..

The $700B is but a start, but sooner or later even Congress is going to have to admit that they're talking about serious money now, not that they've actually earned any.


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