Leaders Near Short-Term Auto Industry Rescue Deal

how bout we start taking bets on who’s next for a bailout?? airlines? heck, people need the airlines to travel and conduct business, right? retail? people need to have a place to purchase items in order to live, right? starbucks? we wouldn’t want all of those baristas out of a job? petco? the animals will die without the products from that chain!
unbelievable… oh actually this is the worst government makeup in the history of the world, right? believable. smh

Everyone wants to get out of this mess without inflicting damage on themselves, thus they are providing a small “loan” to tide them over the next 6 weeks, and then it will be in Obama’s court. The UAW will expect everything from him, as will the other 3. But he should really get his economic team to figure out whether any of them could continue and be viable, and cut out all the useless junk and unsustainable benefits first. No way will the rest of the country keep on supporting these useless entities forever.

oh they will end up giving out the money
but I think they will default
in the end and the United States will
have paid out so much bailout money
the country will be in a ………
Super Great Depression … with a end
to the Bailouts because they just do
not work……….. we were just
delaying the only end to a Depression.

What a joke… So we give these failures 17 billion to last until March.Then what? These companies are going to be continuous money pits, until the government breaks, or forces, unions to concede and renegotiate their
contracts.They need to get these arrogant CEO’s out of there, and revamp the whole organization.With this and the financial bailout, our grandkid’s kids will be paying for this disaster.Simply, the tragedy of greed. Until we get some other substantial political parties to compete with Dems and Reps, this country will continue to hit a brick wall.

Once again the politicians sell us the country to the special interest groups and political donor. THE GREEDY NEEDS OF THE FEW DO NOT OUTWAY THE WILL OF THE PEOPLE.

This is on UAW GM’s website….New Hires 401k…GM will contribute $1 per compensated hour into all new hires 401k plans.. Which will be no less than $2,050.00 $40X 52 weeks = 2050.00…..Now our TAXES are contributing to their RETIREMENT..
Here is the second unbelieveable benefit for the UAW worker………During the week of 4th of July, seniority UAW workers will receive FOUR days (32 hours) off at their regular rate of pay, including shift and seven-day operation premiums. Eligibility is unchanged from the 2003-2007 agreement. Over the term of the proposed agreement, the 32 hours of shutdown pay are worth an average of $950 each year for a typical GM assembler…NOW we ARE paying for the UAW worker to sit on their butt for FOUR days and get paid for it….

at least their employees will have a great christmas. Im horribly mad. screw them, they will survive without our help.

i cannot believe people don’t want to protect American companies.if we didn,t buy foreign products we would be better off financially.all of our jobs are being moved over seas.if all Americans would support unions and refuse to buy foreign products,we would be able to put everyone to work at fair wages.let american auto industries go down&not one product will be american made. union embers died so employees would get fair wages.

i cannot believe people don’t want to protect American companies.if we didn,t buy foreign products we would be better off financially.all of our jobs are being moved over seas.if all Americans would support unions and refuse to buy foreign products,we would be able to put everyone to work at fair wages.let american auto industries go down&not one product will be american made. union embers died so employees would get fair wages.

68 paid holidays in 4 years for the UAW workers. and this doesn’t include the shut down paid holidays they get……The real working American only gets 9-10 paid vacation days….

55maripossa, the contracts between the UAW and all three are virtually the same.

As spoken by Gulf oil’s CEO yesterday, in the first quarter of next year, oil will close in on $20 per barrell, gas at a buck a gallon. Trucks and Suv’s will continue selling ( we dealers are running out right now) so GM is going to get lot’s of orders, probably working overtime in those plants. Since they are in short supply, they will not have to give rebates and will be rewarded with large profits on them. That is what they have been missing that has drastically emtied their reserves that last 4 months. REVENUE, while having to pay out %4000 to $7000 incentives to the public. More coming

Republicans want to end the union. Blame all this mess in the auto industry on them. However high paid CEO’s and executive’s who run the companies they do not complain about. The union workers are the workers, they will take cut backs, want to know how far down the ladder the managment takes cut backs. List there pay and let us all know. Sad day for America when we can not back workers. God pray for us, because our greed in our leaders has screwed us all. Maybe the government bail out program should include a few billion for the Salvation Army and Catholic charities. They at least will take care of us in need.

Funny how the members of Congress seemingly could not bend over and grab their ankles fast enough when the Bankers, Fannie, Freddie and Wall Street came looking for $750 billion with no strings attached, yet the auto makers, who provide direct / indirect employment to multiple millions of Americans in virtually all states, and are asking for repayable loans, are grilled, belittled, lectured, humiliated and criticized by one pompous and hypocritical Senator and /or Representative after the other.
If it’s only because of their ‘poor quality product’ that has caused trouble for the US automakers, why have sales for the Toyotas, Hondas, Nissans etc, also suffered dramatic downturn the past few months.
The banking and financial institutions, coupled with virtually no Congressional oversight, brought this economic crisis about, not the US automakers.
Loaning $36 billion to the US auto companies will allow them to continue restructuring their businesses, keep their direct and indirect employees working (and paying taxes), and avoid having the rest of the taxpayers pick up the billions in pension and health liabilities, as well as the unemployment costs which would soon follow.
Should they fail to authorize these loans to the US auto companies, then it will only prove the pettiness, short-sightedness, cowardice and/or stupidity of the elected officials in Washington.

Bankruptcy would be good for them. It’s the cleanest way to break the union contracts. Taxpayers who have NO PENSIONS and barely 401ks anymore, should not be forced to bankroll someone else’s retirement.

No bailout!!
They must be allowed to fix themselves. Chapter 11. Get rid of that stupid union and their outragous wages and bennifets!!
Then the companies can hire employees that are non-union and pay them an honest days pay for an honest days work. $15/hour sounds about perfect. You also do not get paid vacations and sick time.
It is the only logical way.
Get rid of that damn union!! Problem solved!!

We need to keep emotion out of our collective thinking for a couple years. We’ve got a true crisis – one that could lead eventually toward the end of the country as we know it (something akin to Weimar Germany). I doubt anything that dramatic will happen, but its important to recognize the possibility.
We got into this mess through multiple factors, with plenty of blame to go around on all political parties, the private sector, etc.
To get out of it – and I recognize we most likely don’t have consensus on how to get out of it – we’ll need to be a little cold and calculating. Would it be great to see these failed industries go under? Sure. It would feel good for about five minutes.
But when you consider the number of jobs tied to the American auto industry, and overlap upon that the energy situation which is universally pointing toward an era of alternative fuels – maybe not this decade, but soon – it seems to me the American auto industry is a good thing to keep viable.
Somewhere down the road, someone is going to sell a bunch of fuel cell vehicles. It would be nice of some of them were built here in the U.S.

Settle down all.
What it all boils down to is that it’s the auto makers turn to cut wages and benfits. Millions of good paying job’s have left this country which means most but not all have taken major pay cut’s and can’t afford a new car. The price of a new car must come down just like the wages did for millions of hard working people. Just for fun I look at a new corvette,(remember just for fun) and the payoff was $147,000 five year loan. You have got to be kidding? We have to somehow go back to the day’s when a new car was well made and afordable.I hate to see anyone take a paycut but the more jobs that leave our country and new ones created at $8.00 to $10.00 an hour, Well do the math. It’s the auto workers turn for that cut and it hurt’s. Believe me, been there and it suck’s.

Why are the still building suv’s and cars, noone is buying, the cars are just sitting on a lot. Makes no sense. But I guess the UNION tells them you can’t stop, keep producing.

More of YOUR MONEY down the toilet. They will NEVER repay it, they don’t have to repay it, and it won’t even save them from going out of buisness. Let them go bankrupt and reorganize!!! Otherwise, while your handing out BILLIONS of MY MONEY, brother can you spare a million for ME!!! Barry, Nancy, Harry, welll???? Do you want me to vote for you, or don’t ya!

I believe the bailout plan is going the wrong way the government is taking money from the little people and just giving it to companies that have been taking money from the little people for years I believe that if the government want to fix this problem the should take that 17 billion dollars ans split it up to everyone making less than 50,ooo a year if they would help the little people get out of debt then wouldn’t that help with the rest of the econemy