Ok, we have a mess on our hands. But why do the American taxpayers have to foot the bill for yet another bailout? And one with no guarantees no less.
Pass some 15 Billion dollars of our money off to the imcompetent idiots who have been running the business, and it will only stave off total bankruptsy for maybe a few months.
Oh, and it's not just the management of the Big 3 who are at fault! Take a close look at the UAW's record of demanding more and more over the past thrity years. Remember who it was who actually sowed the seeds of today's problems, when things were still actually running pretty well.
When the robotics technology was introduced (by American developers)and presented to the Big 3, the UAW was the first to complainthat it was going to force layoffs of their workers. Never mind that the workers were employed by Ford, GM and Chrysler, the unions and often the members, feel that they work for the union.Immediately, they threatened "Strike!" if the technology was
introduced. Of course the UAW wasn't worrying about the workers,
but about the huge dues that would be lost if anyone were let go.
Unions have always worried about their "special funds" and top leaders, with the needs of the members coming second.
This is just a continuation of "business as usual"
I say, let the auto makers sink!!!......... we can't be responsible for greedy unions and poor management. They made their beds, so let them fall out of them if they want. It's time to cut the cord, and let them go. For years, they were warned to produce cars that were practical, inexpensive and safe........... those three things never came together. Not in American cars at least. Then they wonder why the Japanese have beaten their pants off. I can tell you why in a few simple words. Greed, greed, greed! Greedy union executives. Greedy business executives. The unions worried about their golden contracts, and the executives worried about their golden parachutes. It's OVER!!!!
Bankruptsy is the solution. Let them collapse, and then the courts will dictate the union contracts. Make them viable with a working company, that can produce a worthy car at a fair price. That is the only way out of this mess!
The Japanese manufacturers are producing cars, with labor costs at one third of what the American makers do. Between actual salary, contributions to pension, medical and other union-demanded benefits, the American worker is earning approximately $60 per hour. OBSCENE! How could anyone expect Ford, Chrysler or GM to produce affordable cars with expenses like that? Add to that the overpaid excecutive expenses at these plants, and there is not a doubt in my mind, that the courts could do it better!