Comments on: Against the Auto Industry Bailout? But Are You As Smart As A US Senator?

By: CathyVon

CathyVon — Mon, 24 Nov 2008 04:26:23 +0000

Crunchy this might give some a heads up – just on GM alone – they have 8 makes. They are saying they will have 20 models that get 30 mpg or more & 9 hybrid models. Why do they need so many? Look at Honda, Toyota they do not have that many. I think as far as the big 3 go Ford definitely has it going on and have been preparing themselves. They are solvent until 2009 and they are looking at the loan as a back-up effort. I believe the companies need to par their make and models down to a select few and cut some high exec salaries.

By: crunchy

crunchy — Mon, 24 Nov 2008 02:56:27 +0000

what they should be doing is asking for help restructuring their businesses….go ask the japanese co’s why they don’t need bailouts.

obviously they need to figure out why they can’t make money even as they sell vehicles….

Everyone needs to sit down, from union reps to the big corp leaders and figure out what the hell they are doing wrong

By: Alex

Alex — Fri, 21 Nov 2008 03:25:33 +0000

Gidge,

Help me out on something.

Cerebus acquires Chrysler May ‘07

July ‘07 John Snow, Chairman of Cerebus, addresses Detroit Economic Club and states:

“Private investment is no magic elixir. But it is also more than just a flavor of the month. I believe it offers simply the best hope for restoring competitiveness to sectors of the U.S. economy that need it most. And stronger, growing companies are the best way I know of to provide job security, increase employment, raise living standards – and keep America’s economy strong. ”

Fast forward to today: GM stock opened at $2.53 went to a low of $1.70 and then a high of $4.00 (on news the bailout would be passed) only to close at $2.88. (108 M shares traded)

Do you think private money is out there to rebuild GM, Ford, Chrysler?

Could the talk of bailouts be restraining that capital from being employed to ease the big three’s financial woes?

Thanks in advance for your insight.

In business, words are words; explanations are explanations, promises are promises, but only performance is reality.

Harold S. Geneen
1910-, American Accountant, Industrialist, CEO, ITT

By: Gidge

Gidge — Fri, 21 Nov 2008 01:12:14 +0000

I always wonder why it is that people from the North are always just Americans (to themselves) but people from the South are SOUTHERNERS.
(see above a few comments if you wonder WHY I wonder)
Sorry……I’m medicated……on a tangent.

By: Hilary

Hilary — Thu, 20 Nov 2008 20:59:06 +0000

I’m from Canada, so I am clearly not as up to date on the American situation as I’d like to be. I’ve read the myths, watched the videos, and clicked the links that are posted on this site and yet I’m still very torn.
Every Canadian industry has been failing for years. I’ve lived in areas hurt by the auto industry’s decline as well as forestry areas that now have shut down completely due to the US housing crisis. It’s tragic to see that so many hard working people who haven’t run themselves into credit debt are being punished for what I see as the Big 3’s lack of initiative. When the Canadian dollar was high I was shoping for a car in the US. Only a few companies were willing to sell me the car. Unfortunately, none of them were the Big3! It was amazing, however, to watch Toyotas and Hondas flood over the border.
Living in Windsor, Ontario (right across from Detroit) for years, I’ve been right in the middle of it all. I’m pained to think of all my friends who will be hurt by this, but at the same time I cannot back any bail-out plans. CEO’s should be putting their money into their companies, instead of flying around in private jets to meetings in Washington.
There is no support to any other industry that is hurting. Farming, forestry, mining, fishing have all been pushed aside for the automotive sector. Why can’t we slow the industrial machine? We still have arms, legs, soil and water. Are these things worth nothing in the face of oil?

The last thing I’m going to question is the video’s comment on National Security. The war in Iraq is costing Americans billions of dollars. I’m not going to judge the war, however, just simply stating it’s cost! I have never felt what’s it’s like to be an american traveling the world but I just don’t understand how spending SO much money can be OKAY when most countries are at peace and without a large military presence… of course again.. I’m Canadian.. we have some helecopters and 2 submarines (I think.. and one’s in a mall…). I am so lucky to not feel threatened in my country.
So to my neighbours… I am so sorry for the financial strain you all must be feeling. I am hopeful for change, but that would take a great shift in priorties by all North Americans.
I would like some more insight to company spending before both of our governments dump billions into a black hole..

By: alex

alex — Thu, 20 Nov 2008 15:50:56 +0000

No lessons for Dale! That sun of a gun is trying to lynch me! And he called me names….LOL all this after I offered my best wishes and lessons! Does anyone seriously believe in the Wall Street or Main Street bailouts? Isn’t this America, Land of the Free..home of the Brave? What happened to us, When did it happen and When will we end it?

Whether you think you can, or you think you can’t, you’re right. Henry Ford

By: Janet

Janet — Thu, 20 Nov 2008 13:16:36 +0000

You should all see the movie “WHO KILLED THE ELECTRIC CAR”. It explains a lot about these huge mega companies and how they think….

By: Dale Andersen

Dale Andersen — Thu, 20 Nov 2008 08:27:12 +0000

Alex sounds like one of those Texas asswipes who told all the rest of us to “go freeze in the dark” back durung the oil crunch of the 70’s.

By: Jeremylg

Jeremylg — Thu, 20 Nov 2008 06:51:00 +0000

I am originally from Flint, Michigan, throughout my life I have worked for various factories and small shops that manufactured, fabricated, and provided parts for the big 3. To have any of these companies go under will not only severely impact the economy in michigan, and the US, the amount of workers from both the big 3 and affiliated businesses, will be a tremendous blow.

Not to mention the fact that if we are ever in a real war, who will manufacture the wartime vehicles and equpment we would need?

My mother works for GM and is currently looking to to be laid off, possibly permanently, in mid december. From what she has told me the bailout, if given, will help temporarily. What needs to be done and what sis happening now is that senior employees, that are among the highest paid employess, are being asked to take a buyout to free up extra cashflow.

There are many factors going into this development, none of which are truly understood at once through all sides, but it is known that if the big 3 go under, we are in a heap of trouble.

By: Alex

Alex — Thu, 20 Nov 2008 04:21:50 +0000

(Reference your earlier blog “Piss on Detroit”) Why not. The Northeast has been pissing on the South for 180 years. Protectionist legislation for the industrial base artificially raising our cost of living. Union wages supported by manufactured goods we had to purchase before imports. Now a more more direct dip into our pockets to support a lifestyle few around me enjoy. Now you try to tell me how bad things will be for me if I don’t permit ya’ll to keep making $30.00 per hour with full benefits. I hope ya’ll make it through the tough times to come. If you need any lessons we Southerners will be glad to help. We’ve had plenty of practice “getting by”.