HHR4JK

or better yet when one of those ceo's asked another one i will work for $1.oo and asked one of the others and he responded i can live on my salary.... i believe it was 9 million a year........ geez.......duh........ i could live on that too......

Harpozep

The government is not out to help the common man. They simply help those in power and say it is for the good of the powerless.
Bah. I'm tired of Corporate welfare. No oversite like Dubya gave the bald dude? No more like that.
MAybe like Chrysler in the Eighties, a Loan to GM with interest due.

Steelcity

I think that as far as gm goes they brought this on themselves. I am not hearing toyota or honda saying they are going bankrupt. I would blame this on upper management and the unions. I am not against unions it is just that they have too much power and now the workers they are supposed to protect are now in jepordy of losing everything. This is just like the collapse of the steel industry in pittsburgh in the late 70s and 80s. I think that GM needs to sell off some of their assets, namely hummer and buick. They should get rid of pontiac completely and rebadge some models as chevrolets. Gmc also I think needs to be cut down. This will mean layoffs and job cuts but it is far better than the entire company shutting down. I f you look at ford they have been slowly selling off some assets and tightning their belts. The upper management of gm and the unions need to realize that the party is over so to speak and that their needs to be a major transition.

dpoll995

yayyy!! thats what i always wanted! to buy an over priced UAW car in the first place then have my taxes go to them too! i say let them go under and toyota can be the NEW big3...

ChevyMgr

Apparently that's the only way Toyota can get there, since they can't do it on their sales alone.

I'm so happy we bailed our Citibank today. I knew I should have run my credit cards to their max so uncle sam could bail me out. Great use of OUR taxes there wouldn't you say.

Firewatcher

Did you ever notice that when the little guys like us are in trouble, nobody gives a $hit, but threaten a rich guy with no winter in Aruba or on his private island because the money isn't there......whoa baby! Instead of laying of the folks who build the cars, the should fire, without the big buyouts, the bastards who put the auto companies where they are in the first place. Park your jets and drive like the rest of us!

Inspector

Wondering why the big 3 automakers are in financial trouble? Here is one example!
UAW, GM, Chrysler, Ford, Toyota, Honda, Nissan, wages
Dr. Mark J. Perry, professor of economics and finance at the University of Michigan, recently released a study concerning UAW pay/benefits in America in competition with Japanese automakers' and professors'. The study declared "the average UAW worker with a high school degree earns 57.6% more compensation than the average university professor with a Ph.D. and 52.6% more than the average worker at Toyota, Honda or Nissan.
There must be some kind of TRANSFORMATIONAL CHANGE!
According to Forbes:

Labor cost per hour, wages and benefits for hourly workers, 2006.

Ford: $70.51 ($141,020 per year)

GM: $73.26 ($146,520 per year)

Chrysler: $75.86 ($151,720 per year)

Toyota, Honda, Nissan (in U.S.): $48.00 ($96,000 per
year)

According to AAUP and IES, the average annual compensation for a college professor in 2006 was $92,973 (average salary nationally of $73,207 + 27% benefits).

Bottom Line: The average UAW worker with a high school degree earns 57.6% more compensation than the average university professor with a Ph.D. and 52.6% more than the average worker at Toyota, Honda or Nissan.

Many industry analysts say the Detroit Three, and especially Ford, must be on par with Toyota and Honda to survive. This year's contract, they say, must be "transformational" in reducing pension and health care costs.

What would "transformational" mean? One way to think
about: "transformational" would mean that UAW workers, most with a high school degree, would have to accept compensation equal to that of the average university professor with a Ph.D.

dpoll995

that sounds like bankrupt then start over with a much needed updated business model or plan with OUT the strangle of the UAW. if i was getting paid 100k a year to put on lug nuts i would often wonder how long it could possibly last...

XXL

Autoblog outlines GM recovery plan as pitched to Congress--

-Focus on "core brands" -- Chevrolet, Buick, GMC and Cadillac
-Launch predominately high mileage, energy-efficient cars and crossovers
-Sell Saab, HUMMER
-Sell or kill Saturn
-Reduce Pontiac to a "niche" brand
-Trim dealerships from 6,450 to 4,700
-Reopen talks with UAW to cut manufacturing costs further
-Reduce total workforce from 96,000 to 65-75,000
-Negotiate with lenders, remove $35.6 billion in debt

Kingfrog

Would a Bank Loan money to GM? Why not? They can make profit on the interest. Would a venture capitalist loan money to GM. Those guys take huge risks....Don't see them stepping up to the plate.

Would YOU loan money to GM? Take that 401K and buy some GM bonds.

Why in the hell would you expect the taxpayer to "loan" money to a company who clearly has terrible management, especially KEEPING the same management team.

GM needs to be SPECIFIC on what they are going to do, otherwise let them do what exery other business in trouble does. REORGANIZE.

AS for the bank bailout, EVERYONE would be affected if all the banks failed and that would be a real catastrophe. Try writing a check, Try getting your money, try using a credit card, The financial system is the real backbone of the American economy. Not a brand that for years had terrible reliability while paying workers 50% more in total compensation packages then the car makers who cared about reliability and fuel economy.

People just voted for a noname, no record, no executive experience President...I guess those same people would "loan" money to GM.

Two out of three Americans say no to "loans"

I would support the "loan" with a clear and concise business plan with SPECIFICS that include replacing upper management, tearing up UAW contracts, The $1 per year CEO pay is symbolism at best.

People will lose jobs. Dealerships will fail. There are two many of them to begin with. We have FIVE GM dealerships. One Toyota, one Nissan,one Honda, one Hyundai. Toyota sells nearly as many units.

I called my Congressman and said No to a loan without a specific business plan. Call their bluff. IF they are still in business in January........you will have you answer and they clearly claimed they did not have enough cash to get through the year.

Ford backed off (which is genius becasue the public relations is more likely to buy from an automaker who can stand on their own two feet.)

Just like OJ what goes around comes around. The UAW raped the US Automakers with the agreement of Management and the US Consumer was taken for a "ride." Can you blame people for buying up Toyota s, Nissan's, Honda's.....even the once lowly Hyundai.

I can't. I own a Chevy, I like my car. I don't love it. I bought it used though, and paid for it.Yes it has been to the dealers for the same things many complained about. A dealer who routinely tells those UNDER WARRANTY who did not buy a car there it will take two weeks to be seen. Theres your GM!!
I called them out on it. Now they take me right away. But my car is not under warranty anymore and I prefer my own mechanic.

My cheap plastic trunk pull cup came off in my hands and sits on my workbench as a reminder...........never again be seduced by form over function no matter what the moniker.