UAW chief urges $25 bln in U.S. auto health care support (Union bailout-payback for $400,000,000)

Reuters ^ | 110608 | Reuters

[IOWAfan]

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

[boop]

"I’m sure that’s a low number. It includes direct employees and suppliers. Dependent businesses would add another 1-2M to that total. The upper Midwest would truely be a ghost town."

And they'd vote in even greater numbers for the democrat thugs that caused them to go bankrupt.

[Sarajevo]

My main complaint with the unions is they create these huge give-away programs - vacation days, sick days, health care for life, family leave days, etc. Then, when there isn't enough money to pay for these benefits, we are supposed to bail them out. It is like it never occurs to them that maybe they are getting too much. Sorry, cut the benefits and the bull..it work structure that leads to ridiculously low productivity.

We are talking about the same thing......excesses. When they run out, it's time for a bail-out.

[babbabooey]

Vote themselves money from the federal treasury. Who was it that warned, when that time comes, the Republic will end.

I believe it was "de tocqueville"...

[ameagle]

They’ve already eliminated health care for salaried retirees over age 65. Why should the union thugs get to keep their health care benefits when they salaried workers lost theirs?

They UAW needs to be demolished for their greed.

[taildragger]

OK folks, Reality Check...

Geldelfinger is talking out his @$$ to keep the union apparatchiks pumped.

The money is for plant retooling.

The UAW gets the Retiree Health Care and Pension Liabilities with the VEBA which kicks in in 2010. That is why these "Bridge Loans" (yes that what is it) are critical, Ford burned through 7 billion this last quarter, with burn rates like that, they may not make it to the next product cycle in 2010.

contract lowered total compensation to the Unions to a rate of $48/hr which is what Toyota is at. They are at parity.

FWIW in an off the record conversation an auto engr I know on a high visibility program noted for all intensive purposes in their humble opinion, with the last contract the UAW has been de-balled......

[Tarpon]

“de tocqueville” -— Yeah he did, but what I wanted was one of our founders, who made a similar statement about the Republic, maybe Ben Franklin? If I get some time today, I will look around, see if I can scare up the quote.

[REPANDPROUDOFIT]

Isn't it amazing how the UNIONS get away with asking us to pay the health care bills for their retired employees. It never occurs to them to ask the retirees to pay for it. Who was it that decided that retirement benefits are untouchable and gaurenteed for life? I know, unions! How about taking some of these 55 year old retirees and make them go back to work to "earn" some of their income? After all, the union is in CRISIS and some forward-thinking is called for. Again, I know, the only forward thinking done by unions is - how much more can they get!

[JohnMack]

Welcome to the automakers self dealt apocalypse keep the overpriced vehicle coming and pay the exuberant cost to the Union workers and you will die the slow death you have brought on yourself. That is if our politicians pull there heads out of their own tail pipes and quit bailing out these idiots that cant operate a budget.

Tired of the hand out mentality that the big businesses have come to I didn’t know the US offered Welfare to bad business decisions.

[SunkenCiv]

GM reports $2.5B 3Q loss, says running out of cash
Associated Press via Yahoo | November 7, 2008 | Tom Krisher and Jeff Karoub
Posted on 11/07/2008 9:04:06 AM PST by NRG1973
http://www.freerepublic.com/focus/f-news/2127942/posts

GM, Ford Post Losses as Liquidity Worsens (Live or Die?)
WSJ | 110708 | MATTHEW DOLAN and JEFF BENNETT
Posted on 11/07/2008 2:18:53 PM PST by Fred
http://www.freerepublic.com/focus/f-news/2128187/posts

[REPANDPROUDOFIT]

I am serious. Who said the benefits have to be honored just because "they were promised"? The cost of health insurance for 780,000 retired auto workers is HUGE! I am sure they have the gold star plan. So, why can't the union go to the retirees and say, "Sorry, you are going to have to start contributing to your healthcare plan"? Why should I, the taxpayer, have to pay for their health insurance.

[grellis]

If you would like to be added or dropped from the Michigan ping list, please freepmail me.

Thank God the forum is back up and running! Yesterday felt longer than election day, fcol

[RedhairRedhair]

I thought GM, in 2007, shifted control of retiree health care to the union in exchange for cash and assets paid to the union to start a fund that would pay for retired UAW medical benefits. Didn't GM cough up around 40 billion for this and made the union its largest stockholder in doing so?

GM credit ratings has been driven down by more than just
health-care liabilities — maybe all those instantly depreciated, pieces of GM sh*t, lacking anything resemblence of a quality vehicle could have been the problem?

Somehow, I can see another “Victory for the Union” in the making.