[sgarnett]

The Senate, UAW, et al, just gave up (ie failed) on reaching a compromise a few minutes ago.

I don't know how GM will come out after bankruptcy (they just hired the bankruptcy lawyer), but the stock market futures are looking ugly tonight. It actually held up well through some dismal recent employment numbers, but I suspect tomorrow is gonna be ugly. Rebuilding my retirement is going to mean austerity and no new cars for a very long time, and I suspect that will be true for many others. That can't be good for any automaker.

I'll admit I wasn't convinced that bridge loans to March could solve the problems for GM, so I don't claim to know what the right answer was. Nevertheless, this is going to be a big kick in the teeth for the economy.

This post has been edited by sgarnett: Dec 12 2008, 04:07 AM

[sgarnett]

OK, now the treasury is going to backstop backstop GM until congress reconvenes. I still think the coffee and locked restroom idea could work, especially if they have to hold out until ... January.

[StanIROCZ]

If your going to take the time to gripe about this please take the time to send a letter to the white house to tell Mr. Bush how important it is that the Big 3 get this bail out.

Here is the email address: comments@whitehouse.gov

[FBody383]

If your going to take the time to gripe about this please take the time to send a letter to the white house to tell Mr. Bush how important it is that the Big 3 get this bail out.

Here is the email address: comments@whitehouse.gov

I agree that you should contact your Congressmen and the President regarding your feelings on the issue.

I am unapologetically in the camp of bankruptcy as a workout of the existing issues.

Would you loan money to a company that appears to be mismanaged, has significant competition with arguably better engineering, product lines, cost structure, etc.?

What saved Chrysler when they got their loan was the K car and the minivan. I choose to believe that there is the second coming of Iacocca somewhere in the automotive/business world. I'm certain that person does not currently work for the U.S. government.


I feel for the retirees who put in a career and left the company with a mutual economic bargain.

[cccbock]

If your going to take the time to gripe about this please take the time to send a letter to the white house to tell Mr. Bush how important it is that the Big 3 get this bail out.

Here is the email address: comments@whitehouse.gov

I agree that you should contact your Congressmen and the President regarding your feelings on the issue.

I am unapologetically in the camp of bankruptcy as a workout of the existing issues.

Would you loan money to a company that appears to be mismanaged, has significant competition with arguably better engineering, product lines, cost structure, etc.?

I feel for the retirees who put in a career and left the company with a mutual economic bargain.

This seems to be an excellent exchange with no sniping or flaming...which is great.

I pretty much ditto the above. I have worked for all types of companies (well run and not), and government as well. My grandfather ran a non-union tool and die shop in South Bend in the 60's and the Union came in and ran him out of business within 5 years. The workers didnt even get a chance to work for less pay, they just just lost their job completely.

We have to remember also that the car companies are trying to deal with totally unprecedented economic problems in addition to their other better known problems. I own a real estate appraisal company, and I don't care how you manage it.....if your revenue goes to 20% of what it was before (practically overnight), and you have employees to pay...and no credit....there is gonna be a real big problem real soon....even if the executives work for nothing.

To survive, the Amercian auto industry needs to be restructured period. Just like the airlines are having to do. The airlines have had to use bankruptcy, and im afraid the auto companies will as well. Anything the government does is a only stop gap.

That and 4 bucks will get you a cup of coffee. Cream extra.

Bock