Results 1 to 8 of 8
  1. #1 Toyota, BMW, Hyundai Workers' Senators Oppose Rescue 
    An Adversary of Linda #'s
    Join Date
    Aug 2005
    Posts
    22,891
    (Bloomberg) -- Senators from southern states with factories owned by Asian and European car manufacturers oppose a bailout of U.S. automakers, saying the industry can thrive without General Motors Corp., Ford Motor Co. and Chrysler LLC.

    Republican Senators Richard Shelby and Jeff Sessions of Alabama, and James DeMint of South Carolina, are among lawmakers trying to derail Democratic plans, supported by President-elect Barack Obama, to provide at least $25 billion in loans to the three U.S. companies.

    ``We have a very large and vibrant automobile sector in Alabama,'' Sessions told Bloomberg Television on Nov. 11. ``I don't feel like this is the end of the world.''

    Alabama has two assembly plants owned by Stuttgart, Germany-based Daimler AG, one operated by Tokyo-based Honda Motor Co. and one by Seoul-based Hyundai Motor Co. Munich-based Bayerische Motoren Werke AG employs about 4,500 people at a Spartanburg, South Carolina, assembly plant.

    The proposal to loan automakers $25 billion from October's $700 billion financial rescue package will be debated during a post-election lame-duck session of Congress this week.

    Senate Banking Committee Chairman Christopher Dodd plans to hold a hearing tomorrow on the legislation, which he supports. House Financial Services Committee Chairman Barney Frank, who is drafting the legislation with Michigan Senator Carl Levin, plans a hearing the following day. GM Chief Executive Officer Rick Wagoner and Ford CEO Alan Mulally are scheduled to testify before the committees.

    `Tough Sell'
    The bill will likely be a tough sell with many Republicans who, in principle, oppose government intervention in the private sector.

    ``Companies fail every day and others take their place,'' Shelby said on CBS's ``Face the Nation'' yesterday.

    Bush said he opposes using money from the $700 billion fund designed to ease a global credit crisis. Instead he called on Congress Nov. 14 to use money from a previously approved proposal for auto-industry loans originally intended to aid development of more fuel-efficient vehicles.

    ``Taxpayers should not have to subsidize private companies that are unwilling to show they can be viable,'' White House spokeswoman Dana Perino said today in an e-mailed statement. ``It is clear that U.S. automakers must restructure in order to be viable.''

    Bailout Votes

    Perino said this morning that Democrats don't have enough votes in the Senate to pass a bailout using money from the $700 financial rescue fund.

    House Speaker Nancy Pelosi said Nov. 15 that diverting money from the earlier plan to ease a current cash crisis would be ``a step backward'' in promoting long-term auto-industry competitiveness. Democratic leaders want to use some of the money from the $700 billion financial-rescue package to meet automakers' emergency needs.

    The outcome may depend on action by the Senate, where Democrats' narrow 51-49 working majority gives Republican opponents a better opportunity to block a bailout. While the party will pick up at least a half-dozen seats as a result of Nov. 4's elections, those changes won't take effect until January.

    Senate Majority Leader Harry Reid on Nov. 14 urged his Republican counterpart Mitch McConnell of Kentucky to allow a vote. McConnell made no such promise.

    Deficit Impact

    ``Senator Reid has not yet provided us with the text of his proposed spending bill, or the cost to the taxpayer, or its impact on the deficit,'' McConnell said. ``So it would be a real challenge to promise any level of support or opposition sight unseen.'' Kentucky has Ford, GM and Toyota Motor Corp. assembly plants, and a Toyota engine factory. snip

    http://news.yahoo.com/s/bloomberg/20...aioycz6oexwc_1
    Reply With Quote  
     

  2. #2  
    Banned
    Join Date
    May 2008
    Posts
    11,970
    The Repubs in Congress have learned over the years when they are in the minority to act half ass-ed financially responsible. Not so when they are in the majority.

    GM may go down the tube before the Prez leaves office. Then Toyota, Honda, BMW, etc can take over these plants, hire non-union workers and show these union and management idiots how to run a car company.
    Reply With Quote  
     

  3. #3  
    Senior Member Zathras's Avatar
    Join Date
    May 2008
    Location
    San Jose, California
    Posts
    6,338
    Gee what a surprise. The big 3's competitors want them to fail. Just shocking I tell you.
    Reply With Quote  
     

  4. #4  
    Banned
    Join Date
    May 2008
    Location
    Sonora, Texas
    Posts
    4,117
    Quote Originally Posted by Zathras View Post
    Gee what a surprise. The big 3's competitors want them to fail. Just shocking I tell you.

    The bailout is not about helping the automakers at all but the unions. Fuck the whole lot of them.
    Reply With Quote  
     

  5. #5  
    Banned
    Join Date
    May 2008
    Posts
    11,970
    Quote Originally Posted by Speedy View Post
    The bailout is not about helping the automakers at all but the unions. Fuck the whole lot of them.
    Right, the union chief said that they would not budge an inch on giving up any salary or benifits . If that's the case, let them go down with the ship. No bailout money for you.
    Reply With Quote  
     

  6. #6  
    Administrator SaintLouieWoman's Avatar
    Join Date
    Sep 2002
    Location
    Sarasota Florida
    Posts
    40,620
    Quote Originally Posted by Speedy View Post
    The bailout is not about helping the automakers at all but the unions. Fuck the whole lot of them.
    The Chrysler workers in St Louis at the Fenton plant are bitching about a $140k buyout for many of the workers. They also have the choice of moving to another plant.

    The option at my job is to be out of work with only the 401k that's sinking fast. No buy outs for us. It's sink or swim.

    I guess I'm typical of many Americans who resent paying our tax dollars to bail out those who have much better benefits and are unwilling to make even one concession.
    Reply With Quote  
     

  7. #7  
    Junior Member BigTone's Avatar
    Join Date
    Nov 2008
    Location
    Concord, CA
    Posts
    9
    I heard on KSFO in San Francisco that automobile workers make $75 an hour or $130,000 a year.
    Reply With Quote  
     

  8. #8  
    Banned
    Join Date
    May 2008
    Posts
    11,970
    Another astonishing stat is that a laid off auto worker gets paid his/her salary for many months afterwards. Let these union shake down artists join the unemployment line like everyone else does.

    The bailout should not be allowed; let them go into bankruptcy and scrap or cut back many of these outrageous perks that the retirees and workers have. Plus, the board of directors should can the top management brass. They are idiots too.
    Reply With Quote  
     

Bookmarks
Bookmarks
Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •