Posted on 11/20/2008 11:22:39 AM PST by Fred
DETROIT, Nov 20 (Reuters) - United Auto Workers President Ron Gettelfinger said on Thursday that lawmakers need to take immediate action on a $25 billion bridge loan bill to support the U.S. automakers or one or more could fail.
Gettelfinger, who testified on Tuesday and Wednesday to U.S. congressional committees in support of the loans, said he would not comment on a possible compromise bill reached by Democratic and Republican senators until details were known.
When told that one detail might be that the automakers would have to provide a strategic plan to get access to the money, Gettelfinger said he would support that.
During his testimony, Gettelfinger said General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) had the most pressing need for support, followed by Chrysler LLC, which is owned by Cerberus Capital [CBS.UL] and then Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz).
On Thursday, Gettelfinger said the Bush administration and lawmakers need to take action "now, today," and he was confident that Congress would be able to reach an agreement.
(Excerpt) Read more at reuters.com ...
Put some ice on it now Ron.....that way it’ll be numb when your membership is looking for their pensions.
This is NOT President Bush's problem, this is a Dem congress problem, with all the promises Obama made before he was elected, and they aren't going to fix it.
Auto companies execs could do a huge favor to taxpayers and to the US auto industry and to their companies and place their companies into voluntary bankruptcy.
Hey Ron!
Here’s some action for you!
The auto companies need to go Chapter 11 and cut you and you mafia buddies out of the loop!
How’s THAT for “action”?
>This is NOT President Bush’s problem, this is a Dem congress problem, with all the promises Obama made before he was elected, and they aren’t going to fix it.
Isn’t this the part of the story where the fox stops and grins?
The big 3 are losing 6 billion a month.
If nothing changes, they will lose 6 billion a month from here to eternity.
These guys need to cut salaries, cut wages, cut any other costs, and they need to make better cars.
25 billion will buy them 4 months breathing room if there are no changes.
GM has stock book value of -$98. Who in the hell would lend them any more money?
This disaster is due to massive government intervention using CAFE standards, for instance, that made the Big 3 uncompetitive.
I say to the UAW, Use your own money!
Sounded like a threat to me.
“This disaster is due to massive government intervention using CAFE standards”
Then how do the foreign manufacturers do so well?
Hey unions - I have not bought your trash for 35 years. You’ll do nothing to change that no matter how much money you extort from the idiots in our congress.
US Big Three are doing very well in Europe and Asia, without unions and some onerous regulations.
H*LL NO DON’T GIVE THEM THE DOUGH!!!!!!!!!!!!!!!!!!
H*LL NO DON’T GIVE THEM THE DOUGH!!!!!!!!!!!!!!!!!!
Erm, no. The foreign marques seem to be able to deal with current CAFE regs just fine.
The current mess is the culmination of thirty years of GM management and UAW workers playing “where ya gonna go” and urinating all over the customer.
Something has already changed. Early reports are that sales have dropped off even more for GM and Ford.
EYEEAAAAH look out it’s a blinding flash of the obvious, quick UAW and democrocks cover your eyes.
Risk premiums on bonds with ratings below investment grade have hit new highs repeatedly in recent months as the credit crunch has grown worse.
Some long-term bonds issued by General Motors, one of the biggest non-investment grade issuers, have been yielding more than 50 per cent.
The latest surge in rates reflected ongoing uncertainty over a bail-out of GM and other US carmakers.
In my neck of the woods, liberals seem to buy foreign cars. I wonder just how much interest Democrat politicians have in saving jobs for union workers versus taxing everyone including liberals more.
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