[econjack]

Great article and goes a long way to explain why the UAW is slitting its own throat. There is no need for a bailout of the auto industry. The Tiny Three have let their management abdicate its responsibilities to the unions over the years. The very idea of paying 97% of wages when they don't work is absurd as are many of the other elements that lead to a $73/hr wage bill. A bailout simply allows the auto firms to avoid the hard decisions it must make to become competitive with other auto makers. Politicians want it simply because of the union votes...they could care less about the people. And the "one-in-ten-workers" crap is fear mongering that is fraught with lies.

Let them declare bankruptcy, reorganize, renegotiate their contracts, and start over with an eye to being competitive. Oh, and Washington: IT'S MY FRIGGIN' MONEY, NOT YOURS. NO BAILOUTS!

[Freedom56v2]

The very idea of paying 97% of wages when they don’t work is absurd as are many of the other elements that lead to a $73/hr wage bill. A bailout simply allows the auto firms to avoid the hard decisions it must make to become competitive with other auto makers.

It is amazing to me that the shareholders of corp. allowed this management team to continue offering these sorts of benefits—97% of salary if not working?! —unless the unionized autoworkers do get stock as part of compensation...anyone know?t