Re: O/T Bailout question

Posted by JML755 on December 18, 2008 at 08:40:01 from (66.184.63.110):

In Reply to: O/T Bailout question posted by trucker40 on December 17, 2008 at 18:48:05:

paul said: (quoted from post at 00:11:06 12/18/08) I don't mind bailing out an industry when things go wrong. I don't believe $25 billion will help - I hear it will take $125 billion or so to get them through. I believe the $25 billion will either be lost or used as a wedge to get more money. So this is about $125 billion in my mind, and it is hard to see it ever being repaid. I think the auto industry was in trouble long ago, and they chose not to fix their problems. Both upper management & the unions share the blame on that. I don't see what is going to change to make the auto industry a proud, workable thing. I see the $125 billion used as a crutch to get through the bad couple years, and business will be as usual. Same crippled buiness model as we have had for years. As a show of change in these difficult times, some changes will be made - mostly smaller parts places not part of the big 3 will end up farmed out to Mexico or Pasific Rim. So, the $125 billion will be used to get rid of more USA jobs, smaller towns across the USA will be hurt, & the figurehead big company heads & big union bosses will pretend all is well & continue on without becoming a better buisness. That is the part of the bailout that bothers me. If the money would be used to make a stronger, better, proud USA buisness return, I'd be in the front of the line to hand over the $125 billion - knowing it won't come back. But.... Seems we are just going to throw money at bad leaders (on both sides, co & union) and continue on the same bad business plan. And that bothers me. All we get is a sour, poor business that is lurching along, not really successful or leading our ecconomy forward. More of a drag on the rest of us than a shining leader of industry.... So, it is a difficult issue. I'd understand helping the industry if it would do some good. But I fear it's just a money-hole, that does not return strength back to the USA. Does it cure the illness, or just prolong it? In any case I feel for the workers, and for the suppliers of components. I think with or without the bailout, they will be hurt, and I wonder if these groups will be better off with or without the bailout in the long run? --->Paul

Depends on what happens next year. If the recession/depression goes on and on (i.e. sales keep falling) and credit is still tight, the Big 3 WILL still be in big trouble along with a host of other industries in this country. The silver lining in the bailout is that it shines a light on the cushy union contracts that both sides (mgmt & union) agreed to. Plenty of blame on both sides of the table.

Just this morning, I heard on the radio that GM is writing $700 checks to union retirees that the union negotiated (and GM mgmt agreed to) as part of the last contract. Gonna cost GM $200 million, if I heard right. Any of you guys getting a $700 Christmas present from your old employer? Wait till Congress gets wind of that. Plus, GM is giving salaried retirees $300/month more starting in January to make up for them having to get their own health care (on top of Medicare). And the retirees are hopping mad!??!!! Any of you retired guys getting a $300/month raise next month? How many of you retired farmers get health care for life besides Medicare?

It's this kind of stuff that makes the country dead set against a bailout.

I know, I know, retired auto workers will respond with how they worked hard all those years in the plants or behind a desk. How they GAVE the Big 3 the BEST years of their lives. Hey, didn't retired farmers work hard? How about retired nurses? Retired carpenters and electricians? Etc, etc.

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