So hows that GM Bailout workin for us?

FredHayek wrote:

archer wrote:

FredHayek wrote: Irony? If GM & Chrysler had failed, Honda & Toyota would eventually hire more American workers as they have been outsourcing their production to the US.

The bailout wasn't just for GM and Chrysler...it was for all the industries that supply those companies, and sell and maintain those cars.....it really would have been catastrophic if they had closed their doors......I seriously doubt that either Toyota or Honda would have come in on a white horse to save the day in the existing factories using the laid off workers, and the same suppliers and sales and maintenance networks. But it did make a cool pie-in-the-sky post.

Short term the Wall Street and Auto bailout was the right thing to do, although I didn't like the way the auto bailout screwed the salaried employees, but long term they really haven't fixed the reasons why these companies needed the bailouts in the first place.
It is still too expensive to build a car in America under the current UAW contracts, especially when you are competing with non-union domestic and foreign workers like Korea.

It will always be that way, with or without unions, we have a much higher standard of living than other countries that we are competing with for manufacturing jobs, that is a fact of life. The answer is not to ask our workers to work for Chinese or Korean wages and benefits, but to put a tariff on goods made overseas. I know, that won't fly either, but that is how I see it.

Democracy4Sale wrote: I should think by penalizing companies that off-shore jobs overseas...(or is it outsource...I can never remember)...and reward companies that create jobs here.

Seems pretty clear to me...But then, I don't have a Right-winger's myopia.

Well lets see the details and the plan and legislation. We are paying him to lead the country not give campaign speeches about what he says he is going to do. Seems to me he said that in the 2008 campaign too.

archer wrote:

FredHayek wrote: Irony? If GM & Chrysler had failed, Honda & Toyota would eventually hire more American workers as they have been outsourcing their production to the US.

The bailout wasn't just for GM and Chrysler...it was for all the industries that supply those companies, and sell and maintain those cars.....it really would have been catastrophic if they had closed their doors......I seriously doubt that either Toyota or Honda would have come in on a white horse to save the day in the existing factories using the laid off workers, and the same suppliers and sales and maintenance networks. But it did make a cool pie-in-the-sky post.

Pardon me?

"WASHINGTON — Government investigators will look into whether political considerations prompted the Obama administration to give one-time union employees of Delphi Corp. pension benefits that were denied to the company’s non-union employees, Rep. Chris Lee announced Monday. "

http://www.buffalonews.com/business/article189854.ece

Something the Dog Said wrote: Typical "outrage". Did you check to see how many vehicles that GM sold internationally? International sales account for more than 3/4 of GM total sales. Did you bother to check that the vehicles manufactured in China actually enter the US? You guys are just pathetic.

Did you check to see how the GM stock has been doing lately?

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.

On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47. At that price, the government would lose another $850 million on its GM bailout.

Gee... what happening... well... the bailout is going to cost taxpayers even more than expected...

Washington -The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

http://www.detroitnews.com/article/2012 ... /208130392

This is working out fine... NOT!!!