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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: berri (Dec 06, 2008 8:53 am) Because the UAW has contracts, you can't just lay off the ones you need to. So you go get concessions. Everybody keeps their jobs in the near term, but their benefits are reduced. Much of the costs are retiree costs which are not the issue with the Wall Street crowd. |
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Replying to: jimbres (Dec 05, 2008 3:10 pm)
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Replying to: lemko (Dec 06, 2008 9:31 am) China is our rival - not our enemy. There's a big difference, which anyone old enough to remember the Cold War can explain to you. Anyway, if you want to revive the American auto industry, you should be solidly in favor of bankruptcy for the Big 3. Perhaps Ford doesn't yet need it, but GM & Chrysler certainly do. Toss the dead brands (Pontiac & Dodge, for example) overboard & bring in fresh management to lead what's worth saving (Cadillac, for example). That just might trigger an industry rebirth.
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Replying to: jimbres (Dec 06, 2008 10:15 am) China was actually our ally during WW2. They saved some of our fighting men. Yes we are competing with them and trading with them. We buy more junk from them than they buy from US. Who's fault is it that we cannot get enough Nintendos and Gameboys? I look for China to buy a lot of the property sold in the liquidation of the Big 3. |
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GM should convert from a For-profit organizaton to a Charity not-for-profit organization. Heck, even charity organizations seems to be have done better 
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Since we appear to be on this path to socialism, I have a proposal. GMs market cap is $2.5B. They want over $10+B to survive (that's well over four times what the market thinks they are worth!). If the Feds are going to loan that money, that's way more than buying GM, right? So why don't the Feds require the following: 1 - use $2.5B to buy out all shareholders. Then the government owns GM. 2 - Replace Wagoner and the entire board. Obama can appoint new management, he's done pretty well with his cabinet. 3. New management works to turn GM around. 4. Government sells GM stock back to the market in the future, or GM fails and the government eats it. At least we would get rid of the useless Wagoner and the Board. |
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Replying to: tlong (Dec 06, 2008 12:37 pm)
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Replying to: tlong (Dec 06, 2008 12:37 pm) I love it !! And offer Cerberus $500M for Chrysler. I bet that's the best offer they'd get. But instead of running the 2 corporations as is, the corporations are declared bankrupt and liquidated. The government sells off the assets, with U.S. assets being sold to people who guarantee to reopen the auto plants - manufacturing autos or something else. On a related subject, this is supposedly Armageddon for GM and Chrysler. What sort of schedule do you think the execs. of GM/Chrysler and the suppliers, and the union are maintaining. I mean are they working round-the-clock on deals to sell Hummer, Opel, Chinese operations, Saturn? Do they have their lawyers writing new union proposals? I mean are they taking this as a life and death situation? |
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Replying to: tlong (Dec 06, 2008 12:37 pm) Wagoner seems to have been slow on the button, but in all fairness he inherited a lot of this mess. I think they are grooming this guy Fritz Henderson? they brought back from Europe to allow Wagoner a graceful exit in the near future after he wraps up the govt money. |
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Replying to: steve_ (Dec 06, 2008 12:48 pm) |
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