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Auto Bailout failed--good or bad?


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All Forums >> [Casual Banter] >> Polls and Other Random Stupidity >> Auto Bailout failed--good or bad? Page: [1]
[Poll]

Auto Bailout failed--good or bad?


Good -- They need to file Chapter 11
  50% (6)
Good -- They're dinosaurs whose time is past
  8% (1)
Good -- We can't afford any more bailouts
  8% (1)
Bad -- This country needs the auto industry
  16% (2)
Bad -- The economy can't take it
  16% (2)
Bad -- Congress should bailout more than just Wall Street
  0% (0)


Total Votes : 12
(last vote on : 12/12/2008 8:52:09 PM)
(Poll will run till: -- )
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Auto Bailout failed--good or bad? - 12/12/2008 6:28:08 AM   
celticlord2112


Posts: 5732
Status: offline 		Bailout dead, automakers in search of a lifeline

Did the Senate do the right thing last night?

I tend to think they did--if for no other reason than to avoid turning the bailout into a taxpayer subsidy of the UAW, which refused to discuss wage cuts before 2011.  (Gettlefinger apparently doesn't get that his choices for his members are lower wages or no wages).


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RE: Auto Bailout failed--good or bad? - 12/12/2008 6:40:24 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		its a mute point.

the prez could simple cancel the derivatives with a stroke of the pen.   thus allowing real productivity to occur.   instead the world is nothing more then a giant ponzi scheme.   the car industry will be be bankrupt by summer.  

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RE: Auto Bailout failed--good or bad? - 12/12/2008 6:45:03 AM   
bluepanda


Posts: 328
Joined: 12/12/2005
Status: offline 		I didn't select any option, because none of them quite describe my view (which is actually pretty close to your own). I think it's probably good, but only because it moves the process one step closer to the point where the unions will have no choice but to make major wage concessions in order to keep the deal from completely collapsing. I have serious philosophical problems with the whole bailout concept, but from a practical standpoint, I can live with them in principle depending upon how they're structured. The way this version was put together, I was opposed to it, but last night's vote was not the final act in the play. We'll see what Version II looks like. 

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RE: Auto Bailout failed--good or bad? - 12/12/2008 6:46:12 AM   
TheHeretic


Posts: 19100
Joined: 3/25/2007
From: California, USA
Status: offline 		          I bought a Honda.  Maybe whatever rises from the ashes can try for that level of quality.

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RE: Auto Bailout failed--good or bad? - 12/12/2008 6:56:36 AM   
celticlord2112


Posts: 5732
Status: offline
quote:

I think it's probably good, but only because it moves the process one step closer to the point where the unions will have no choice but to make major wage concessions in order to keep the deal from completely collapsing.

Indeed.  I was dismayed that at even this late stage in the game, the UAW refused to give in.  Of course, given Rick Wagoner's arrogant assertion that bankruptcy "is not an option", this hasn't been the shining moment for the executive suite at the Big Three either.

The major reason for insisting on the Chapter 11 process, even if the government ends up being the provider of post-petition financing, is that it puts everything on the table--exec pay and bonuses, benefits, labor contracts, debt obligations, the works.


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