Posted on 11/13/2008 5:11:57 AM PST by equaviator
General Motors chairman Rick Wagoner says that his company is in such poor financial shape -- indeed, Deutsche Bank considers the company's stock worthless -- that it "needs" welfare assistance from American taxpayers before it runs out of cash.
Well, Wagoner didn't put it exactly like that. He called it a "federal aid package."
"This is an issue that needs to be addressed urgently," Wagoner told Automotive News, adding that now is the time to "overshoot, not undershoot" the level of assistance.
GM is willing to offer the government preferred stock, speed the introduction of fuel-efficient vehicles and set limits on executive compensation in exchange for financial aid, Wagoner said.
In other words, GM is willing to prostrate itself before the state if that means getting its fix. Nothing like selling your soul for corporate fascism.
Hey, Rick, I've got a 1970 Chevelle sitting in my garage that would look great in a sweet new paint job. I suppose I should just beg for my place at the federal trough like you instead of doing what normal people do and find new ways to make money, huh?
Listen, it wasn't American citizens who knuckled under to the UAW and decided to lavish fat pensions and health benefits on assembly line workers making $100k a year the past few decades. So get over it. Figure out how to cut overhead and improve your product or go the hell out of business.
GM and Ford bet the farm that we would have socialized medicine by now. Its time to hand over the farm.
Bankruptcy is the ONLY THING that can save GM and Ford. They must unburden themselves of their labor contracts if they are going to survive.
Well, they can choose to find out the hard way. My Pubbie Critter voted for bailout after voting against it. Now he's toast. Seems to me, IIRC, that all the Pubbie Critters who just lost their seats voted for the bailout.
Those poor automated-Americans are exploited and receive no compensation for their labor.
Funny you mentioned the Astro. That is one ugly van with serious interior rattles....and also the highest mileage vehicle period. As the GM of a buy here pay here carlot, I saw more 400,000 mile Astros than Honda Accords, despite the fact that Accords outsell Astros 50 to 1.
Ask BMW.
The moon is 93,000 miles away, you need to find a better route. Try Mapquest.
Somebody needs to check their citizenship papers.
Can they dump the UAW if they file for bankruptcy? Trying to get clarification for how that would work.
It is 384,403 km which is almost 239,000 miles.
I have already communicated to my Congress critters.... the fact that NO federal assistance should be given to the auto industry. I highly encourage others to do the same.
You are thinking about the sun, which is 93 million miles away.
Dan Quayle? Is that you??
From a NASA webpage....The average distance from the center of Earth to the center of the moon is 238,897 miles (384,467 kilometers).
Amen! They served their purpose, now get rid of them. I am so tired of the union mentality, it is actually the Obama voter’s mentality if you think about it.
The problems go deeper than just product, much deeper. One of the biggest obstacles to success it contract language that inhibits improvement. Regardless of product quality, price and market suitability, advances in manufacturing technique are fought at every turn by the unions. Little sense in retooling for a process that is antiquated.
Contract structure does not allow for reductions in labor costs. A new technique that would eliminate manufacturing labor gains the company nothing because the individual has garanteed employment rights(???). (Job banks)
Madness, simply madness. Throw all the money in the world at this system and the results remain the same—failure.
And this system of failure (unions) is only going to get larger, much larger, with Card Check. The union blight will soon spread across America like the plague of the dark ages.
I watched all the Apollo missions - 1/4 million miles
Right on, you have it pegged.
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