Posted on 12/04/2005 5:27:49 AM PST by Iris7
Troubled U.S. automakers and their allies on Capitol Hill are seeking billions of dollars in aid from the federal government ranging from health coverage for their workers to extra tax write-offs for themselves.
They're also asking for one rhetorical favor: Please don't call the requests a bailout.
"I don't view it as a bailout," Sen. Carl M. Levin (D-Mich.) said.
"We're not looking for a bailout," agreed William C. Ford Jr., chairman of Ford Motor Co.
The "B" word has been taboo ever since Chrysler Corp., faced with impending insolvency, sought and narrowly won $1.5 billion in loan guarantees from Washington in 1979 and 1980. The company eventually borrowed $1.2 billion and repaid the loans in 1983, seven years earlier than was required.
Nonetheless, the notion of the American taxpayer saving a company with a large and quick fix has pretty much gone out of style and has not been repeated since, with the exception of loan guarantees to airlines after 9/11. Even though General Motors Corp. and its rival Ford Motor now face serious financial straits, both are studiously avoiding public condemnation by spreading their aid requests widely among many types of government policies.
Taken together, however, the components of their wish list would cost tens of billions -- far more than Chrysler ever dared to seek.
(Excerpt) Read more at washingtonpost.com ...
The plot thickens. I am employed by a large corporation that makes vehicles.
Close the doors and make their cars in China. Unions have ruined the companies. Dump their pension obligations on the tax payers.
Is this when we nationalize their retirement plan? Who is going to bail out the US when we go bust?
Well you might want to pass on building better cars at affordable prices is a good place to start.
Snort. Shades of Louisiana.
My husband works for GM in Doraville. I am sick of the auto company bashing that has gone on around here. Please ping me.
Union or no union, companies can save money manufacturing in countries where workers are abused and slave labor encourage. It could take plenty of non-union jobs as well.
Think you folks may like this one. Politics intrudes, and intensely.
If Ford, the Ford family and its unions stopped propping up high taxing democrats and rinos, the ACLU, every 527 liberal group and cause, they would have the money to invest in the company.
OF COURSE IT'S A BAILOUT
Are you suggesting that there has been no mismanagement?
Please add me to your ping list.. thanks..
Ditto, add me to your list, thanks
The CEO of GM has a new pension of $4.5 million a year. Now that Union I would like to join.
Took me a minute, had a bad screen name on my list, but you should be getting a ping by now. If you want to post to my list email me and I will send it. It will cost you, though. If you get some good screen names not on my list pass them on! I'll do the same for you. We better do the same with folks that want off our list.
Well you might want to pass this on to our dear elected officials. Try loosening government regulation (Osha, minimum wage etc), try forcing foreign countries to trade fairly (which means ending government subsidies to European and Japanese comapanies-yeah they get government handouts which allows them to sell cars cheaper and force these countries to allow the agreed upon number of American cars in their markets) and finally quit raising or threatening to raise cafe standards which forces car companies to put their dollars into increasing gas mileage rather than design and quality. Japan and Europeam car manufacturers do not have to meet mileage standards. Perhaps our government-including the GOP could stop undermining American companies while forcing us to compete with the bowl of rice crowd in Asia.
Following on the heels of a third-quarter loss of US$284m, Ford plans to cut 10% of its North American white-collar workforce. This would translate into 4,000 jobs being axed, the majority of which would occur in the first quarter of 2006,
Thanks, I will do so! I appreciate it.
Even the "poorest" Michiganian to make the Forbes top 10 list, William Ford Sr., has a net worth of $1 billion. Ford is the family patriarch presiding over the Ford Motor Co. and the owner of the Detroit Lions.
If this guy can't manage to put a football team on the field, why should we trust him with taxpayer money?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.