GM says its total hourly labor costs are now $69, including wages, pensions and health care for active workers, plus the pension and health care costs of more than 432,000 retirees and spouses. Toyota says its total costs are around $48. The Japanese automaker has far fewer retirees and its pension and health care benefits are not as rich as those paid to UAW workers.
Republicans also bitterly opposed tougher environmental rules carmakers would have to meet as part of the House-passed version of the rescue package, and the Senate dropped them from its plan.
A plan offered by Tennessee Republican Senator Bob Corker, which served as a basis for a possible compromise yesterday, would have required automakers to offer bondholders 30 cents on the dollar. Automakers would also have had to persuade the United Auto Workers to take half of the $23 billion it’s owed for health care as GM stock instead, and eliminate a program in which UAW workers are paid not to work if there are no tasks for them. “We were about three words away from a deal,” Corker said.
I remember him grilling the automaker ceo's during the last hearing. I really liked his ideas. Before using the american taxpayers money, everyone related to the automakers should be making concessions...bond holders included. UAW has already done some concessions and I believe more can come from them as explained in the quote above
Dec-12-2008 13:47
devnull
Supreme tranceaddict
Registered: Feb 2006
Location:
also, the stock market will take a massive hit today prolly up to 7%
Dec-12-2008 13:49
dEsidEL
Fu Man Choonz
Registered: Aug 2000
Location: Below the Belt
time to short the market!
___________________
Palm Trees > Pine Trees , Sand > Snow
Dec-12-2008 13:53
Skipper
Supreme tranceaddict
Registered: May 2002
Location:
I have been pretty vocal about bailing out automakers, but something Eric Sprott said recently struck me - he said (something along the lines of) "why are we bailing out financials? Why are we spending tax dollars to buy bad assets? the financials are not the real economy - the manufacturers are. The economic value of the financials (particularly in the US) has gotten grossly inflated, and the engine of the real economy - the manufacturing base - has been ignored."
Food for thought.
I haven't read my paper yet this morning but I'm interested to read the full story.
Dec-12-2008 14:13
exstasie
Hack Attack
Registered: Jun 2006
Location: Toronto/Sauga, Canada
DOW is down
100...
140...
170...
180...
190...
200...
205...
210...
215...
3 minutes into trading. Not that bad.
TSX is down about 285 though...
___________________
"I'm not stoned...I'm just Asian!"
Dec-12-2008 14:32
Skipper
Supreme tranceaddict
Registered: May 2002
Location:
The open was not as bad as I expected - which means the last hour could be where we see it fall off a cliff.
Last edited by Skipper on Dec-12-2008 at 20:51
Dec-12-2008 14:43
Vivid Boy
TA's GodFather
Registered: Sep 2001
Location: T.O
good on the government for calling their bluff. seems like everyone is looking for hand outs these days.
do you really think if GM was teetering on bankruptcy and NEEDED this bail out the union would actually say no on cutting wages?
Dec-12-2008 14:53
exstasie
Hack Attack
Registered: Jun 2006
Location: Toronto/Sauga, Canada
Except that the US treasury has pretty much stated that they'll be giving them TARP money now.
oh god..."Ghetto"finger is talking right now
___________________
"I'm not stoned...I'm just Asian!"
Last edited by exstasie on Dec-12-2008 at 15:03
Dec-12-2008 14:56
Orko
Digital Hippie
Registered: Nov 2002
Location: Toronto, Ontario, Canada
Good job UAW.
So they choose no jobs, rather than jobs that do not pay as well.
Once again unions have proven they are in this to help the little guy.
Dec-12-2008 15:28
NuERA
Groove Control
Registered: Feb 2003
Location: Toronto
I guess this is what happens when you keep making cars that nobody wants. Now where are the keys to my dodge ram?
