I'm a retired, 35 year union member, and I'm against all the bailouts. In both the Wall St. and Big-3 situations I've heard repeatedly, "they are too big to fail." Well, that's exactly why they need to fail, they are TOO BIG. They've gotten so big that they now control your government. Even rank and file Union members have become the "Forgotten Men" in this economy.
There are 3 or 4 million jobs tied to the Big-3. There are 100 million, much smaller paying jobs that are being asked to subsidize all of them. Doesn't seem right to me. I was taught not to take things that don't belong to me, and I tried to teach my children and grand children the same. What gives some people the idea that they have the right to inflict hardship on others, for their own comfort and ill-gotten gain?
Misfortune strikes us all at one time or another. How you prepared yourself, and what you make of it is an individual responsibility, anything else is charity. It should not be extortion. Failure isn't fatal, and success isn't final.
25 years ago there were 80 newspaper and media companies in the US. Today there are 5 big one's. They're hurting too. Do we bail out them and their multi-million dollar talking heads also? Socialism for the rich, and capitalism for the average Joe, isn't working. Time for a BIG change.
If the bailout has to happen, then the requirement should be - take the money, then turn in your keys! No one, and I mean no one, from management, Union, Bank, Wall St. or Congress should have any further say in what goes forward from here. AIG has shown us that they could care less about us. Money is always a short-term motivator.
56% of the first $360 Billion in Wall St. bailout money went to salaries and bonuses. Another 30% went to buying out smaller banks and eliminating jobs. This is a bailout? No, this is self-centered robbery! I've seen estimates that $12 million of the first bailout has already made it's way back into Congress?
We, as the electorate, have, by default, given greedy and narcissistic dregs our permission to steal from us and give to their cronies. Robin Hood, in reverse. We all live our lives by design, or default. If you're not being proactive with your money, and your voice and your vote, then you're living at someone's mercy, who is.
Allowing the auto makers, and Wall St. and Banks to break up will insure that we won't be giving away our great-grand-children's future next year. It's already too late for our grand-children's future. Shame on us.
Sorry but Chapter 11 Re-Org is the right way for this to go. Think about this; we buy the cars that support the industry, now we loan them the money to stay in business, then we buy the cars they produce and they pay us back with our own money. Somehow that just doesn't compute for me. JRM
Haven't we learned anything from the first bailout? Money going to bonuses ,to buy other banks, to take spa retreats ,to increase the wealth of the wealthy? No wonder the public is against the auto bailout--it's all right to bail out wall street with no requirements as to how the money is spent but asking the workers in the auto industry to take pay cuts if they are to be bailed out? BULLSH#T, We shouldn't have bailed out anybody in the first place. I think the whole country would be better off if the damn gov't. would just shut the Hell up,and let nature[the free market] take it's course.Why in the Hell does a nice pickup truck have a sticker price of over 50 thousand dollars? I am 60 plus years old and cars/trucks have been costing 2000-2500 dollars more each year since I was a teenager---there's GOT to be a limit somewhere.
I don't necessarily disagree with the sentiments here, but...
I just hope some of the union members or retirees who are against the UAW bailout, didn't work in or retire from an industry that thrives off government contracts.
I know a fair amount of union workers (ironworkers, electricians, pipefitters and the like) that get pretty fat off municipal and state construction contracts, and to me, they are no better than the UAW, maybe a damn sight worse. Yes, they are "skilled"...however, if the unskilled UAW worker makes a bad product, I have a choice to buy from his non-union competitor instead, if I want to. Us taxpayers who pay for outrageous and unnecessary infrastructure projects constructed by "skilled" union workers don't usually have that choice. The government's list of "approved suppliers" for those contracts is usually pretty short, usually 100% union, and the bidding process usually cuts out a lot of good companies who could do the job more cost-effectively - but they simply didn't have the "connections" that the other companies have (read, didn't cough up the necessary political kick-backs).
Just a little bit tired of the tradesmen types getting on their high-horse, acting like they're superior to the factory union workers. I have a CHOICE not to buy what the factory union worker produces, if I want to. I don't have that choice, when some politician a__hole gives a sweetheart government contract for an unnecessary project to some big union firm that funneled him an excrement-load of campaign money - via whatever channels, legal or not.
The U.A.W.'s contracts with the Big 3 are simply obscene. The Auto exec's are just as guilty as the rank and file. They've BOTH been playing the american consumer for fools for DECADES. Let me add at this point...I've got 2 Fords sitting in my driveway, and frankly...when I read about the ridiculous terms the U.A.W. has gotten from the Big 3 over the years...I feel like I've been used. Now-a-days...we have OTHER options. Options built in America, by NON-UNION AMERICAN workers who work for every dollar they make without the U.A.W.'s Golden Goose contracts. Well boys, the golden goose is dead...and I'm not gonna keep dumping money into it to support unrealistic,non-sustainable GREED from both sides. The U.A.W./Big 3 UNHOLY ALLIANCE has gotten enough of my money. NEVER AGAIN.
likes-to-shoot, Buzz is actually correct. In some state projects, and in all federal projects, union or "prevailing wages" based on union scale wages are required. It is a proven fact that it increases cost from 7-10% on a project. And the tax payer foots the bill. I've been in the heavy commercial building business for 30+ years, and I see little or no difference in the quality between union and non-union labor, trades, or operators these days. Bonding, insurance, and fiscal requirements limit the contractors that are experienced enough to even bid on the large projects, and OSHA and other state and federal safety laws protect ALL workers. How or why wage scale manipulation is required on these projects is beyond me. The engineers, testing companies and construction managers all supervise compliance with design and quality control issues. So why is the union/prevailing wage requirement needed?
Bill, regardless of what anyone thinks, it's time our politicians, pressured by us, realise we have to get serious about spending cuts, not new taxes. Our federal and state governments are spending money like drunk sailors, and we don't have the funds. Public projects won't create jobs, atleast not for long. The coffers are almost empty. New taxes will kill business growth, and thats where new jobs come from. We seriously need to look at our state and federal employees as well. Their benefits are unrealistic compared to the common worker, and we, the tax payers are again footing the bill for the retirement, insurance, dental, eye glasses etc. Yet most common tax payers don't get those same benefits. It's time to cut, cut, cut. When the cuts are done, LOWER taxes, and new job growth will begin as we are more competitive in the foreign and domestic market. But thats not Obama's or the Democrat game plan.