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Re: "Big Three" bailout ....
Originally Posted by robin1234
(Post 6992782)
Not just BL. I remember when the UK Government bailed out Chrysler. That was money down the drain too.
Originally Posted by robin1234
(Post 6992782)
I read that the German Government are reluctantly considering a GM bailout; I really don't understand that one. True, many thousands of Germans would lose there jobs if Opel (GM) failed ... but, wouldn't that help VW, Skoda, and other European based and European owned car companies, with which GM now directly competes? Surely, in a situation where there are too many companies competing for a finite and shrinking number of sales, isn't it good for the industry in general if a couple of companies fail?
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Re: "Big Three" bailout ....
Originally Posted by Octang Frye
(Post 6991748)
For the record, G1antaxe, I'm favor of a loan to the auto industry. I'll hold my nose and support it, because I'm a pragmatist and realize what the consequences would be if 100,000s of people are laid off, and are unable to contribute to the economy. All the suppliers will go to the wall etc.
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Re: "Big Three" bailout ....
Originally Posted by Giantaxe
(Post 6993070)
And Delorean :)
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Re: "Big Three" bailout ....
The Wolseley Hornet was a nice motor -- oh, and the Riley Elf..
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Re: "Big Three" bailout ....
"Although the Detroit Three directly employed about 240,000 people last year, according to the industry-allied Center for Automotive Research (CAR) in Ann Arbor, Mich., the multiplier effect is large, which is typical in manufacturing. Throw in the partsmakers and other suppliers, and you have an additional 974,000 jobs. Together, says CAR, these 1.2 million workers spend enough to keep 1.7 million more people employed. That gets you to 2.9 million jobs tied to the Detroit Three, and even if you discount the figures because of CAR's allegiance, it's a big number. Shut down Detroit, and the national unemployment rate heads toward 10% in a hurry."
That's pretty sobering, the ripple effect I mean. While there may be compensation packages for their workers, you can bet your bottom dollar that not all of those other folks have that if they lose their jobs as well. |
Re: "Big Three" bailout ....
Originally Posted by cindyabs
(Post 6993320)
"Although the Detroit Three directly employed about 240,000 people last year, according to the industry-allied Center for Automotive Research (CAR) in Ann Arbor, Mich., the multiplier effect is large, which is typical in manufacturing. Throw in the partsmakers and other suppliers, and you have an additional 974,000 jobs. Together, says CAR, these 1.2 million workers spend enough to keep 1.7 million more people employed. That gets you to 2.9 million jobs tied to the Detroit Three, and even if you discount the figures because of CAR's allegiance, it's a big number. Shut down Detroit, and the national unemployment rate heads toward 10% in a hurry."
That's pretty sobering, the ripple effect I mean. While there may be compensation packages for their workers, you can bet your bottom dollar that not all of those other folks have that if they lose their jobs as well. That woud seem the best you could hope for. As others have said, the chances of things being this good are very low without major restructuring which is not going to happen. |
Re: "Big Three" bailout ....
Originally Posted by Boiler
(Post 6993344)
When Chrysler were bailed out they cut their wage force in half.
That woud seem the best you could hope for. As others have said, the chances of things being this good are very low without major restructuring which is not going to happen. Chrysler had a federal loan guarantee, not quite the same as a bail out. |
Re: "Big Three" bailout ....
Originally Posted by cindyabs
(Post 6993396)
No and as the article from Time that I quoted stated, until you stop and think that it is a domino effect-A falls over, then B, then C and so on.
Chrysler had a federal loan guarantee, not quite the same as a bail out. The loan whatever does not stop the dominos falling, just delays them. Sounds a bit like Vietnam, same ending. |
Re: "Big Three" bailout ....
Originally Posted by cindyabs
(Post 6993320)
"Although the Detroit Three directly employed about 240,000 people last year, according to the industry-allied Center for Automotive Research (CAR) in Ann Arbor, Mich., the multiplier effect is large, which is typical in manufacturing. Throw in the partsmakers and other suppliers, and you have an additional 974,000 jobs. Together, says CAR, these 1.2 million workers spend enough to keep 1.7 million more people employed. That gets you to 2.9 million jobs tied to the Detroit Three, and even if you discount the figures because of CAR's allegiance, it's a big number. Shut down Detroit, and the national unemployment rate heads toward 10% in a hurry."
That's pretty sobering, the ripple effect I mean. While there may be compensation packages for their workers, you can bet your bottom dollar that not all of those other folks have that if they lose their jobs as well. Here's a quote from yesterday's hearings: "If we continue down the path of taking money from more efficient and competitive companies and giving them to companies which are less efficient and in trouble because of bad management and bad decisions, our overall productivity as a country will continue to suffer," said Rep. Spencer Bachus, the top Republican on the financial-services panel. |
Re: "Big Three" bailout ....
Originally Posted by cindyabs
(Post 6993396)
Chrysler had a federal loan guarantee, not quite the same as a bail out.
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Re: "Big Three" bailout ....
Originally Posted by cindyabs
(Post 6993320)
"Although the Detroit Three directly employed about 240,000 people last year, according to the industry-allied Center for Automotive Research (CAR) in Ann Arbor, Mich., the multiplier effect is large, which is typical in manufacturing. Throw in the partsmakers and other suppliers, and you have an additional 974,000 jobs. Together, says CAR, these 1.2 million workers spend enough to keep 1.7 million more people employed. That gets you to 2.9 million jobs tied to the Detroit Three, and even if you discount the figures because of CAR's allegiance, it's a big number. Shut down Detroit, and the national unemployment rate heads toward 10% in a hurry."
That's pretty sobering, the ripple effect I mean. While there may be compensation packages for their workers, you can bet your bottom dollar that not all of those other folks have that if they lose their jobs as well. I'd personally feel best if they simply sold their assets to Honda/Toyota/etc, since they have a good track record, but I doubt Honda/Toyota would WANT much of their assets. If the govt. (esp. a democratic govt) gets involved, they are not going to be able to take on those union contracts with a straight face - how can you be the 'party of the workers' and then agree to major benefits cuts. This is a tough one but bankruptcy seems the least of all evils... PS I own an Acura TL; built in Ohio, I believe. Super build quality, Consumer Reports predicted reliability is as good as it gets. So it can be done here in the US ... |
Re: "Big Three" bailout ....
Originally Posted by Manc
(Post 6993043)
as the big three decimated Flint MI, Detroit MI, and Toledo OH to move to factories in Mexico and Canada, and shipped half of their supply chain to China.
I would be interested to know when they're going before the governments of Canada, China and Mexico for their part of the bailout/loan/whatever People who worked for ford in the past were on a nice little package of money, great benefits. You have to go with the flow of the times and those packages are not available anymore. How much do u make at Kroger? 7 dollars an hour? Its not a great future for any of us but it might only get worse if we keep throwing money to these businesses that through no fault but their own have landed where they landed. How dare they go to washington and want my hard earned money in a private jet. How bloody much of a cheek is that!! |
Re: "Big Three" bailout ....
To be picky its your children and grandchildrens money.
They spent yours already. |
Re: "Big Three" bailout ....
well its all mut now. They got some sort of bailout as its being reported on the detroit news. Press conference this afternoon.
Wonder if I am going to get any taxes back at all next year? |
Re: "Big Three" bailout ....
Originally Posted by Deedee13
(Post 6993659)
well its all mut now. They got some sort of bailout as its being reported on the detroit news. Press conference this afternoon.
Wonder if I am going to get any taxes back at all next year? |
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