Registered: Feb 2008
Location: With Juan Pachanga Eating Tacos. Ah Ha Si Mi Gusta.
This is why unions are gay aka at least there will be no bailout.
Hilarious...they would rather lose their jobs than cut wages.
quote:
Dec 11, 2008
WASHINGTON–A $14 billion (U.S.) emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.
Senate Majority Leader Harry Reid said he was "terribly disappointed" about the demise of an emerging bipartisan deal to rescue Detroit's Big Three.
He spoke shortly after Republicans left a closed-door meeting where they balked at giving the automakers federal aid unless their powerful union agreed to slash wages next year to bring them into line with those of Japanese carmakers.
Republican Sen. George V. Voinovich of Ohio, a strong bailout supporter, said the UAW was willing to make the cuts – but not until 2011.
Reid was working to set a swift test vote on the measure Thursday night, but it was just a formality. The bill was virtually certain to fail to reach the 60-vote threshold it would need to clear to advance.
Reid called the bill's collapse "a loss for the country,'' adding "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight.''
The implosion followed an unprecedented marathon set of talks at the Capitol among labour, the auto industry and lawmakers who bargained into the night in efforts to salvage the auto bailout at a time of soaring job losses and widespread economic turmoil.
"In the midst of already deep and troubling economic times, we are about to add to that by walking away," said Sen. Chris Dodd, the Banking Committee chair who led negotiations on the package.
Sen. Bob Corker of Tennessee, the GOP point man in the talks, said the two sides had been tantalizingly close to a deal, but the UAW's refusal to agree to wage concessions by a specific date in 2009 kept them apart.
The autoworkers' contract doesn't expire until 2011.
Originally posted by elFreak
they should let them tank...no one wants american cars...not even americans.
I agree completely.
The UAW refuses to accept pay cuts before 2011, and because of that, they are all going to lose their jobs by then. Because of their "sacrifice" we will all have to buy Toyota and Honda sooner or later. Maybe this massive job loss will get the companies to restructure and stop acting like a bunch of pompous assholes. I see why Obama is supporting the bailout, because he doesn't want any jobs to be lost while the economy is tanking, hoping that once he takes office and starts demanding more emphasis on alternative energy and job creation, the economy can get back on its feet. The bailout would be ideal for the UAW, but the senseless spending has got to stop. These Auto Industries got themselves into this mess, and they need to get themselves out.
because theyre overpriced, pieces of shit.
when the industry went one way the american car manufacturers were too stupid to follow suit. fuck em.
I can do without an escalade
Dec-12-2008 15:04
XaNaX
I <3 global warming
Registered: Jun 2004
Location: 1000 Miles too far North
the unions greed is responsible for a good part of the problems with the big 3. I never thought they were stupid enough to choose unemployment for all their members over reduced wages.
this is why I completely oppose the auto bailout. the bailout is basically an investment by taxpayers in those companies. this is only a good investment if the automakers restructure to become viable companies. neither the unions or the automakers are really willing to accept what the new versions of these companies will look like, they just want free government money and will try to continue the status quo as much as possible. the more taxpayer money they get, the harder it will be for us to write them off in the future, they know this.
restructuring the big 3 into viable companies means Chrysler is gone, a much smaller and leaner GM, and cuts in size and models offered at Ford as well, along with an immediate change to the UAW contract to bring wages and benefits in line with foreign automakers operating in the US. It also means significant decreases in the benefits paid to current and future UAW retirees. no matter what the UAW says it wants to avoid these changes at all costs, thankfully someone is calling their bluff.
the $15-40 billion should be spent aiding and retraining autoworkers for other jobs and retooling suppier factories to make other products
the best thing about the big 3 collapsing would be the end of the UAW
Dec-12-2008 15:17
KiNeTiC ENeRgY
t3cHn0_43ad
Registered: Oct 2003
Location: Boca Raton
quote:
Originally posted by elFreak
they should let them tank...no one wants american cars...not even americans.
Quoted for troof! Except there is high demand for the 2009 Ford Fiesta
Dec-12-2008 15:24
Lebezniatnikov
Stupidity Annoys Me
Registered: Feb 2004
Location: DC
aaaaand now the DOW is in freefall again.
___________________
Dec-12-2008 15:26
Arbiter
Naked Power Organ
Registered: May 2002
Location:
Although not bailing out the american auto industry may have some unfortunate externalities, I agree.
Ch. 11 is not the end of the world, and it will get them out from underneath the burden of their union contracts which make them unable to compete with foreign mfgrs while facilitating a much needed change in management.
Dec-12-2008 15:28
KiNeTiC ENeRgY
t3cHn0_43ad
Registered: Oct 2003
Location: Boca Raton
quote:
Originally posted by Arbiter
Although not bailing out the american auto industry may have some unfortunate externalities, I agree.
Ch. 11 is not the end of the world, and it will get them out from underneath the burden of their union contracts which make them unable to compete with foreign mfgrs while facilitating a much needed change in management.
China is going to come in and buy up all the American companies. Were all soon to be owned by them anyway. Might want to start picking up the language at this point. Hostile country takeover
Dec-12-2008 15:31
Vivid Boy
TA's GodFather
Registered: Sep 2001
Location: T.O
CHina is in pretty bad shape too right now. COnsidering all their money was invested in the states lol
Dec-12-2008 15:34
XaNaX
I <3 global warming
Registered: Jun 2004
Location: 1000 Miles too far North
quote:
Originally posted by Arbiter
Although not bailing out the american auto industry may have some unfortunate externalities, I agree.
Ch. 11 is not the end of the world, and it will get them out from underneath the burden of their union contracts which make them unable to compete with foreign mfgrs while facilitating a much needed change in management.
the best thing about Ch 11 is they have to restructure to become viable or be liquidated. A government bailout does not come with this requirement no matter what anyone says.
