News, Stocks set to plunge on auto bailout defeat. (McCain, cost, retired)
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The cuts the GOP were asking for were designed so that the bill would fail and so that people like you would blame the UAW for the bill failing.
Yeah but right now the auto industry is between the sword and the deep blue sea, and the UAW has been treating these negotiations like any other negotiation.
They are not bargaining with GM for a pay raise, they are bargaining with the US Senate and they need to realize they can't have everything handed to them on a silver platter anymore.
Yeah but right now the auto industry is between the sword and the deep blue sea, and the UAW has been treating these negotiations like any other negotiation.
They are not bargaining with GM for a pay raise, they are bargaining with the US Senate and they need to realize they can't have everything handed to them on a silver platter anymore.
Labor is not the problem here. Labor is a commodity that the companies bought at the market price. The guy on the line checking the tires did not bring these companies to their knees. The guys standing in a hot noisy factory doing backbreaking work all day, did not destroy the financial structure of the company.
if you want to go after corporate waste let's start with the fact that each shareholder was getting dividends on profits that did not exist as the company slid farther and farther into debt, did not have their debt obligations taken care of, and were not saving for the retirments they owed in lieu of wage concessions. The investors were eating the donut from the inside, so to speak, to keep the share price up. Should everyone get onboard to save the company, sure. Let's say no one in the company can make more than the President of the United States until the company turns a profit?
Yeah but right now the auto industry is between the sword and the deep blue sea, and the UAW has been treating these negotiations like any other negotiation.
They are not bargaining with GM for a pay raise, they are bargaining with the US Senate and they need to realize they can't have everything handed to them on a silver platter anymore.
Yeah, but the concessions were a crock. Lowering their pay won't fix anything since the problems with the UAW are related to legacy costs. I'm not pro UAW or anything but what is going on here is pretty clear to me.
Since the majority of Americans are actually very much against this huge payout to the unions, I say thank you GOP!!! Ask yourself if this money will help people purchase these cars. The lack of sales and bad management is what drove them into the wall. Thank you GOP. The house of cards will fall eventually even if the next administration props them up again.
GM sales in 2007: 9,370,000 vehicles
Toyota sales in 2007: 9,366,418 vehicles
GM profit/loss in 2007: -$38,730,000,000 (-$4,055 per car)
Toyota profit in 2007: +$17,146,000,000 (+$1,874 per car)
Crazy
Toyota does not have any legacy costs for retirees that they are charging off on those figures. Remember in Japan, they have nationalized healthcare, so Toyota is only responsible for healthcare of its American workers, and only while they are working. In the US we burden our companies with health care costs and many former contracts were sweetened with the promise of the company to pay later and later is now. I just think people are oversimplifying and looking for scapegoats.
Investors fret that failure of $14 billion package means more job losses
NEW YORK - A dejected stock market headed for a plunge at the opening of trading Friday as the Senate's rejection of a $14 billion lifeline for the auto industry intensified investors' concerns about a deepening recession.
And a two hundred plus point plunge it was. Thought it was headed for the deep end. But then the Union got it's whine out to the public on all the news stations and the ol stockers reacted appropriately. Nice turn around.
And a two hundred plus point plunge it was. Thought it was headed for the deep end. But then the Union got it's whine out to the public on all the news stations and the ol stockers reacted appropriately. Nice turn around.
Close up 65 points
why would investors care if there are more job losses? the value of the stock is so divorced from the actual workings of the manufacturing portion of the business, and the financial side has already been taken care of with the earlier bailout?
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