GM, Chrysler get $13.4B bailout; $4B more possible for GM

[Chicagoland]

Bush approves loans, finally.

opps, double post, but still this is good enough to have many posts.

Edited December 19, 2008 by Chicagoland

[BuddyP]

Bush approves loans, finally.

opps, double post, but still this is good enough to have many posts.

Great, so the union stays and the Gov't get's a share of the company. This sucks. Was really pulling for a organized bankruptcy.

[Chevy Nick]

That, plus oil is getting lower and lower is good news for GM.

[regfootball]

regardless of how this was done, hopefully it stabilizes the free fall, and forces them to make the tough decisions.

laugh, but if the volt wasn't in the pipeline, would they figure its worth the investment? Volt may have been the good faith example that makes them think this is worth it.

[ellives]

More whining from Ron... How about liquidating UAW assets? How about "there *are* no workers if there is no business? "

But UAW President Ron Gettelfinger said it "unfairly singled out workers for concessions."

[GXT]

More whining from Ron... How about liquidating UAW assets? How about "there *are* no workers if there is no business? "

But UAW President Ron Gettelfinger said it "unfairly singled out workers for concessions."

Well I think he is right. The Republicans seem to be taking this as an opportunity to take a shot at orgnaized labour even while they take up residence in Socialistville (population: USA).

According to the numbers being thrown around on the news the total labour cost for a vehicle for active workers (hourly wages and benefits) is ~$900. That might be $100-$150 more than at Honda/Toyota/Hyundai/etc. Compared to GM's per vehicle rebates and overall losses that is chump change.

Not only that, it sounds like the unions already have made huge concessions that will kick in in the near future. I don't have all the details, but I recall that retirement and healthcare costs have been slashed and wages halved. If you do the math it seems that the little man has just been screwed and GM still will be making a huge loss per vehicle.

[haypops]

Not only that, it sounds like the unions already have made huge concessions that will kick in in the near future. I don't have all the details, but I recall that retirement and healthcare costs have been slashed and wages halved. If you do the math it seems that the little man has just been screwed and GM still will be making a huge loss per vehicle.

I saw a headline indicating that PE Obama agrees with you.