rusty machinist said: (quoted from post at 13:30:46 12/04/08) A bankruptcy for all 3 would be bad in the short term but in the long term it would be great to throw the UAW out on their *ss and get new motivated workers. The executive bonuses, salaried bonuses and company cars are wayyyyy to lucrative for the employees.
The UAW is a dinosaur whose days are numbered. The handwriting is on the wall and cost of labor will become competitive. The corporate jets, perks, etc. are a red herring. Eliminate them all AND EVEN IF WORKERS WORKED FOR FREE, the WHOLE auto industry would still be in trouble. Not an excuse, just looking at the facts. The Big 3 were heavy in Big SUVs and trucks when the gas crunch hit. Imports/transplants produce more fuel efficient cars. Then gas started to drop at the same time that the credit crunch hit. So even if people wanted to start buying cars, they couldn't get a loan. Look at Toyota or Honda sales. They're tanking too. Sales are dropping at unprecedented rate. Industry was primed to build 17mil cars or so, now the market is pegged to be around 12 mil or even 10 mil.
Thus, all the bridge loans in the world won't help unless sales improve. I'd love to see the assumptions in the plans that the Big 3 presented to Congress. Especially those related to sales volumes for 2009.
I agree with other posters. One of the Big 3 will cease to exist. Probably Chrysler due to a merger with GM in a year or so. They were trying to do just that when the credit crunch hit. Ford is ok for now, but they had already mortaged the company for 19 billion last year. They're burning through that like crazy. Right now, Ford is all about PR and image. Their quality is up, they're telling Congress (and the public) they're ok, in order to pick up market share by looking like the strongest of the 3. However, if any one went Ch 11, the dominos would start to fall within hours and there won't be enough bankrupcy judges in the country to be assigned to all the businesses that would file Ch 11 as well (including the one I work for).
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