If they fail, let them

Milwaukee J-S ^ | 16 nov 08

[rellimpank]

As harsh as it sounds, bankruptcy court may be the best option for the Detroit Three.

It looks less likely now that the Detroit Three will get that extra helping of pork that they want to go with their turkey of a bailout plan, but congressional Democrats still want to serve it up. The Senate will take up a second $25 billion bailout bill on Monday.

Earlier this fall, Congress gave General Motors Corp., Chrysler Corp. and Ford Motor Co. $25 billion in low-interest government loans aimed at helping them retool their plants to build more fuel-efficient cars. But the automakers are bleeding cash so fast, they may not survive long enough to retool. GM may not make it until President-elect Barack Obama is inaugurated on Jan. 20, according to GM Chief Executive Rick Wagoner.

The automakers want a transfusion from the $700 billion fund established to shore up the credit markets or, failing that, a pot of their own money.

Unfortunately, congressional Democrats and Obama seem trapped by their political connections with the United Auto Workers and are voicing support for this misguided idea. A second bailout won't make up for decades of mismanagement and union intransigence, and we can count on the automakers coming back for more once they burn through their second installment.

[rellimpank]

--surprising wisdom from the Milwaukee version of Pravda--

[DManA]

By any practical measure they have ALREADY failed. We are talking about resurrecting them.

[mlocher]

The Senate will take up a second $25 billion bailout bill on Monday.

It's the American way to throw good money after bad.....

[volslover]

I am sick of these bailout moochers. They made their choice to make fuel inefficient cars and they outsourced a considerable amount of work and hired illegal aliens as well. Who is auditing these clowns? As a taxpayer, I want to know. And this crap of sticking heating for low income people on is just that, crap. I would rather just give money directly to low income people even through congress than attach it to yet another bailout bill. They need to stop tacking on stuff to other bills and deal with the action at hand. Remember the good old days when made in the USA meant something? If they ever came around again, then “Born in the USA” may actually mean something again. Where is the accountability or will they go on an AIG spa day retreat too once they get their hands on money? Maybe we should be electing accountants and ethics people to congress. And these corporate moochers need to work off this bailout stuff. I am sick of the free ride mentality and from all indications will get worse. I don’t hold bad luck against anyone or illness or anything but if they are having money problems to begin with, why would they be able to pay it back. I think they should work for it if they are physically and mentally capable, including the corporate moochers along side old Peggy Moocher. Otherwise, let them go bankrupt and disappear.

[fwdude]

Uninformed people, and politicians for that matter, think if the "Big 3" go under, we won't have any more cars or auto jobs. Such economic illiteracy is a tribute to the abysmal public education system in this country.

Where there's a demand, there will be producers. Someone more efficient, cost-containing, and union-free will readily fill in the gap, and surprisingly quickly. Perhaps Toyota or Honda will for the time being, but expect another Chrysler or Ford to spring up to meet the demand and provide competition against these foreign companies. Only good can come out if this, even if it's a little painful in the meantime. The jobs will be back, just with different auto manufacturers.

Who knows? Maybe we'll have flying cars when all this is over.

[Dr. Ursus]

Taxpayers are going to end up paying the pensions and
health care of the retirees.

[Sylvester McMonkey McBean]

Have yet to hear from anyone in any “official” capacity if given the $$ sought, what changes will be made to their business operations to avoid this from happening again?

If it’s going to be the same old, same old, after the massive cash infusion which I suspect will be the case...then not 1 thin dime.

[mlocher]

Taxpayers are going to end up paying the pensions and health care of the retirees.

Setting the stage for higher gov't SS payments and national health care.

[I see my hands]

Corporations create hundreds of billions of tax dollars which are stolen on a regular basis to bail out the federal government. The federal government.. that's you and your stupid bridges and roads. Build your own infrastructure then carp about corporate welfare.

I'd rather see the corporations who generated the wealth take it, divvy it amongst the execs, and close shop th`an for $1 to be given to a school.

Financial devastation? Fine by me. The parasites will suffer most. Johnny Come Lately anti socialists should have become indignant long ago.

[Dr. Ursus]

This will give valdiation for taking over our 401k’s.

[muir_redwoods]

Let them fail, capitalism is characterized by creative destruction and there are players waiting to tae the markets after the losers fail.

[ohiogrammy]

I think back to Lou Dobbs a month ago when he was speaking of Joe the Plumber...his comment about more “Joes” going to Washington made perfect sense. Maybe if common people take over this nonsense will stop. TOO MANY LAWYERS are ruining this country!

[mlocher]

This will give valdiation for taking over our 401k’s.

Scary thought, isn't it?

[hiredhand]

A U.S. auto industry bail out will be a moot point during the depression that is coming upon us....courtesy of the same morons who started this situation, and who are now claming that they can fix it, and believing that they actually deserve credit for doing so.

Something from nothing still leaves nothing, and bailing out the U.S. auto industry amounts to throwing money at an already failed industry. It will have ZERO effect, other than making the entire situation WORSE. They'll discover this I'm sure.

Besides, too may of us have vowed to NEVER support the UAW again because they supported Zero The Hero (Obama), and nothing they can do will change our current attitude.

My "clan" has always supported the U.S. auto industry...to the point of even holding foreign auto companies in disdain. But NO MORE! We have vowed to boycott UAW auto makers. The Japanese auto makers should be looking forward to seeing us coming! They've been trying for years to "crack" us. The only thing preventing it was brute loyalty. But that's gone now.

The U.S. auto industry is doomed to failure....bail out, or no bail out. They displayed a willing support of the coming socialist government in our nation, and have therefore become our enemy. They don't seem to understand this. We don't want them bailed out, or assisted, or propped up. We want them GONE....dead. That's sort of the way that war works. Have people forgotten this? What comes after that will either be better or worse, but the fact that we facilitated the death of the U.S. auto industry will be a strong factor in the formation of what follows it.

[blake6900]

The reality is if the Detroit automakers were not union shops the Democrats wouldn't give a sh!t. Didn't hear any of this with Enron. And no one in the UAW hierarchy has suggested a redo of the labor agreements that put GM, Ford and Chrysler were they are today. No, they simply blame the companies because the products are very good. Well, they're right...and the products aren't very well built either.

A bailout simply foots the bill for the bad labor agreements the American automakers made with the UAW. Other automakers, non-union automakers, well-run automakers seem able to survive in the U.S. yet these three keep crying poor-mouth. They ought to shut down operations, lay off the union workers, close the doors and wait for the unions to bargain in good faith to help Detroit get back on better footing. If the unions aren't willing to do that, screw' em.

One thing's for sure...billions of dollars in bailout money to pay sky-high union wages and pensions is ridiculous. Which is exactly why the Democrats are trying to get it down on Bush's watch rather than Barry's.

[CottShop]

Hey, I’m failing financially too- I wonder if the Democrats will go to bat for me like they are the auto industry? I’m sure they will- I just can feel it.

[vietvet67]

"Who knows? Maybe we'll have flying cars when all this is over."

[Parley Baer]

Yep, it is all about saving the UAW. Let them declare bankruptcy.

[yazoo]

Any thoughts of a bailout should have ended when the UAW said they would make no concessions. Apparently many of them make 6 figure salaries. Only a union could demand that kind of salary for what is pretty much unskilled labor.

[Nathan Zachary]

"By any practical measure they have ALREADY failed. We are talking about resurrecting them."

Let them fail. America will be better off, both financially and to finally be rid of a major contributor to the RAT party through political activism and direct cash donations, all money that should have been going towards union employee benefits instead of bilking the employer, the consumer, and the taxpayer.