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Slingin Sammy 33 · 11-19-2008, 04:56 PM

In the hearings today a Sen. from Tennessee asked one of the CEOs that if the Gov't gave them the money would they promise not to come back later looking for more. The CEO gave a BS answer about the economy. The Big 3 were hemorraging money before the recent downturn so that argument is pure BS.

Let them go into Chapter 11, they all have ridiculous labor costs, retirement costs, real estate costs, and other poorly structured overhead costs that $ 25B won't fix. All this needs to be restructured so the Big 3 can move forward into 2010 and compete on a level playing field with Toyota, Honda, BMW, etc. (Who BTW all have major plants throughout the SE US and are profitable).

The 3-4M jobs won't be lost, some may, and all the union jobs will either pay less or have benefit changes to be in line with autoworkers in other parts of the country. The UAW is a major part of this problem and their members have benefited in a BIG way over the last 30-40 years. The restructure will also allow limits to be set on executive compensation so the failed CEOs and other executives won't have golden parachutes.

11-19-2008, 04:56 PM	#8
Slingin Sammy 33 Playmaker Join Date: Feb 2007 Location: Virginia Beach Posts: 4,347	Re: Should The Government Bailout GM? In the hearings today a Sen. from Tennessee asked one of the CEOs that if the Gov't gave them the money would they promise not to come back later looking for more. The CEO gave a BS answer about the economy. The Big 3 were hemorraging money before the recent downturn so that argument is pure BS. Let them go into Chapter 11, they all have ridiculous labor costs, retirement costs, real estate costs, and other poorly structured overhead costs that $ 25B won't fix. All this needs to be restructured so the Big 3 can move forward into 2010 and compete on a level playing field with Toyota, Honda, BMW, etc. (Who BTW all have major plants throughout the SE US and are profitable). The 3-4M jobs won't be lost, some may, and all the union jobs will either pay less or have benefit changes to be in line with autoworkers in other parts of the country. The UAW is a major part of this problem and their members have benefited in a BIG way over the last 30-40 years. The restructure will also allow limits to be set on executive compensation so the failed CEOs and other executives won't have golden parachutes. __________________ "I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' — Jack Kent Cooke, 1996.