Well, it seems that the Senate will not permit the U.S. auto industry to be bailed out, at least for now.

http://www.nytimes.com/2008/12/12/bu...12auto.html?hp

 

yeah, i saw that, it seems as if the house is like the drunken version of the senate and allow everything to pass, lol. I don't know what to think about it, if it comes to that, well then that's what's gonna happen.

 

the auto companies should not receive any money at all, same with any other business claiming to need millions. They're all idiots. If they go under, that's their fault.

why can't I request and receive at least $1mil?

 

NY Times update:

"In a last-ditch effort to revive a government rescue for the American auto industry, Senator Bob Corker, Republican of Tennessee, was trying late Thursday to persuade Senate Democrats to back an alternate plan that would require steep concessions by the United Auto Workers union and by creditors to General Motors and Chrysler."

 

Do you have massive amounts of employees working for you and their families sake riding on it??

 

those businessmen dont give a **** about their workers. i love watching the poor bail out the rich. the unions are to blame, get rid of all of them.

 

^ I didn't say they did or didn't, i'm just saying a lot of families welfare are riding on whether the big three fail or not.

 

NY Times update 2:

"The Senate on Thursday night abandoned efforts to fashion a government rescue of the American automobile industry, as Senate Republicans refused to support a bill endorsed by the White House and Congressional Democrats."

It currently doesn't look good for the U.S. auto industry. I am very ambivalent about this situation. I don't want a bunch of U.S. workers to lose their jobs, but I also feel that these companies have made a lot of monumentally bad decisions.

 

+1^ The big three are in hot water because of the unions they are forced to support. Back in the day when workers were mistreated and grossly underpaid unions WERE necessary but not anymore. and here's why....

"GM says the average UAW laborer makes $29.78 per hour, while Toyota says it pays about $30 per hour. But the unionized factories have far higher benefit costs. GM says its total hourly labor costs are now $69, including wages, pensions and health care for active workers, plus the pension and health care costs of more than 432,000 retirees and spouses. Toyota says its total costs are around $48. The Japanese automaker has far fewer retirees and its pension and health care benefits are not as rich as those paid to UAW workers."

So if they do claim bankruptcy that is there ticket out of paying out all these needlessly high pensions and wages. If G.M has to lay-off a union worker than because of the union that worker belongs to G.M is required to pay him his normal wages even though he's not working! G.M currently supports over 38,000 "workers" that do not work. And the only way out is to go bankrupt. I say they go for it. It's not the senate killing the U.S automakers it's the unions!

 

NY Times update 3:

Given the failure of the Senate to act, the White House now may come to the rescue of the U.S. auto industry:

http://www.nytimes.com/2008/12/13/bu...13auto.html?hp