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Somebody help me

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Posted: #1
I just dont understand how GM feels they deserve bailout $
 
I dont have a lot of time to read the news, and I just moved so I havent been able to watch much news. but from what i understand there is
-a failed business model (pushing SUV's with record gas prices)
-insane corporate spending (takin a jet to beg for money?)
-Abuses of labor contracts (guys getting paid 65g's a year to do nothing)
- And no plan to change
 
Why is this not a no brainer?
 
As I understand it if they declare bankruptcy dont they reorganize the business.
 
Wouldnt giving them MORE money to blow be just like staking an addicted losing gambler?
 
 
 
 
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Posted: #2
what would you do if a friend who owns a busines asked you (your kids and your grandkids) for a huge loan and then told you he needs it because he ran his business poorly, he sells inferior products, he failed to understand and keep up with industry innovations that his competitiors predicted and adapted to and as a result his products and infrastructure are grossly outdated, he entered into unfavorable and expensive contracts with his employees and paid his executives more than they deserve and it's going to be extremely expensive to get to the point where his competitors were years ago and there's no guarantee that will even happen with the loan?
 
would you sign up for that?
 
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Posted: #3
ClubDirt has it right IMO.  The problem here is that our elected leaders did a VERY BAD thing in setting a precedence in handing over the $1 TRILLION to the bankers.
 
The very same logic in this post should have been applied to the failing banks.
 
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Posted: #4
absolutely not  It sickens me that they actually have the ear of our government. 
 
 
 
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Posted: #5
Rick
 
UAW is the problem. Ditch the unions.
Union workers have their choice:
Work ( but not as a union worker )
Get layed off as a union worker
 
UNIONS
 
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Posted: #6
cant even place all the blame on the unions
 
this is a failed business all the way around. 
excessive compensation on both sides,  labor and ceos
 
I have my own issue with unions,
but im trying to get over that to stay objective.
 
 
 
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Posted: #7
I don't think Wall Street has unions though, Capo.

-a failed business model (buying stocks for pennies on the dollar, selling bundled securities for hundreds of millions while not even knowing their fair market values)
-insane corporate spending (elaborate parties for CEO's and top officers in the Caribbean)
-Abuses of labor contracts (weasels getting paid 100's of millions a year to do nothing)
- And no plan to change
 


 
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Posted: #8
Oh wait, this is a thread to bash the 25 billion package for the auto industry.  I thought you were discussing the 750 billion going to bail out the unregulated markets of Wall Street.  I'm sorry.   
 
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Posted: #9
at the beginning there was so much talk as to the dire need for a bailout,  I have to admit that I was kind of drawn up in that, and I think i fell for it
 
In retrospect I dont know if anyone deserves a bailout.
 
 
 
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Posted: #10
To blame the unions alone is absurd.
 
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Posted: #11

regardless about how I feel about unions, I agree, it is absurd to blame them alone. 

-BUT they did their part to ruin this company, and to not aknowledge that speaks volumes about some people's alliegances

 

 
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Posted: #12
Quote Originally Posted by NASCAR-Sucks:

To blame the unions alone is absurd.

agreed

but to downplay the huge role they have played is also absurd.

When US automakers really get the message, and rid themselves of the gang tactics of the UAW, then they maybe be able to rub the business the way it should be run.

Honda and Toyota makes a specific point to have the BEST PAID workforce in their respective regions.  It really works well for them.

 
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Posted: #13
Quote Originally Posted by kingme:

agreed

but to downplay the huge role they have played is also absurd.

When US automakers really get the message, and rid themselves of the gang tactics of the UAW, then they maybe be able to rub the business the way it should be run.

Honda and Toyota makes a specific point to have the BEST PAID workforce in their respective regions.  It really works well for them.


What role has the union had in this economic downturn, Kingme?

In your own words, could you please explain the how the union has caused the Big 3 stock prices to plummet?
 
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Posted: #14
we are talking about companies that have promised too much to the unions and its not all the unions fault.
 
The automakers can not be competetive with the current contracts period. 
 
question for you winky, 
 
wal mart has been fighting unions for a long time, what happens if they unionize,  will their stock go up or down?
 
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Posted: #15
Quote Originally Posted by rick3117:

cant even place all the blame on the unions
 
this is a failed business all the way around. 
excessive compensation on both sides,  labor and ceos
 
I have my own issue with unions,
but im trying to get over that to stay objective.
 
 

 The government put alot of restrictions on

Auto makers also, so they're part to blame. The UAW has

one Hell of a package for workers and retirees.

 
 
Captain
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Posted: #16
Chapter 11 for the auto companies.  Vote the bailout bill reversal.  Let the strong survive and the devil take the hindmost.
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