A bitch has been watching coverage of the hearings with auto industry CEOs and the stock market too.
Pause…check blood pressure…continue.
What the fuck?
I repeat, WHAT THE FUCK!!!?
Who the hell takes a private jet to a bailout hearing where they then beg for money? That was one huge FUCK YOU to strategery, assholes.
And where do we go from here?
***cue crickets***
Shit!
As much as a bitch shares the disgust over the ways and means of auto industry CEOs, I’m beyond worried about the impact the failure of that industry will have on communities across the nation.
Hell, it’s not just the auto industry…we’re bracing for layoffs in almost every business category.
In my community we have plants preparing to close…businesses going out of business…take-overs that will most likely result in layoffs…and all manner of shops and services that serve all those businesses that are now positioned perfectly to achieve fubar before the end of the year.
It’s like waiting for an attack you know will fucking devastate you.
And after every news segment covering economic drama this bitch mentally explores the options…umm, err the lack of options.
What business will come into town and replace the jobs already lost and those soon to be lost?
What industry will surge and replace the industries that are dying?
Pause...listen...continue.
Well, at least crickets are working overtime.
Blink.
16 comments:
I'm torn on this issue. I don't want anyone to lose their jobs, but in this economy we all need to do our part to help companies survive. That means that the CEO's need to dump their private jets, huge bonuses, etc. but I think the unionized workers must do their share too. Toyota's been able to survive because their workers make significantly less, but are still making a good living wage. Finally the companies themselves have to stop making these huge gas guzzlers and start making vehicles more fuel efficient/hybrids/electric/flying cars.
Isn't it amusing how the economy needs us to spend money yet the government won't give us a bailout for all of our bills?
I just find that a little.. backwards. Yes, if the government gives us another check like they did, we'll spend it on bills (And they already whined about how we did that with the first one) but in the long run.. once we no longer have massive huge clouds of debt hanging over our head, will start spending again on products right?
*Scratches hair.* I'm not an economist.. just an artist.
:3
Ugh -- The really frustrating thing is that those same auto execs will be just fine if their entire corporation ceases to exist. They have hundreds of millions in the bank. Meanwhile, all the workers and the state of Michigan will be left in grinding poverty.
I just shook my head...what fuckwits indeed!
All those private jets lined up on the tarmac...yeah, they really help the auto exec's make their case for federal money didn't they? jeez-us.
No amount of bailout will fix one MAJOR structural problem of the automakers - the American system of health care distribution.
The Japanese autoworkers are paid less, but they aren't necessarily poorer. Their health care is free or nearly free, and is paid for by the government. The cars can be made for less because there are fewer unpredictable costs and fixed labor costs.
The health insurance carried by the workers at the Big Three traditionally has been excellent, and about 1/4 to 1/5 of the base wage amount for a full time worker has gone toward health insurance - plus the worker also pays some amount of the insurance cost.
NancyP
Hey - the fact of the matter is that a lot of these corporations lease jets on an annual basis, and that can include prepayment of fuel and usage. I don't know if that's the case with the Big 3, but it's something to consider.
Here! Here! Her Umph!
Jaycee
If The Big Three go under, I especially feel sorry for retirees. Unless they have wealth other than that monthly check, they will really suffer. A bailout plan should accommodate them.
And the thing is, the cost of all that unemployment and healthcare will far exceed the price of a bailout, not to mention their inability to do consumer spending.
I'm fundamentally opposed to bailouts, especially for financial institutions. But if one of the auto-makers fail it'll wreak havoc on the economy since so many other jobs/industries rely on that business as well. What a fooken mess.
Well most folks don't realize that it's not just our economy here in the states that will be impacted, but also the economy of the folks up North in Canada where some of our cars are made. This will hurt a lot of people in North America. I think they need to fix their business plan and go back to the drawing board before they get any help and the current management should be fired. Private jets - sold.
(Thank God crickets can't be laid off!)
I had the same reaction about the jets... WHAT THE FUCK?
But I can't wrap my brain around the implications of not stepping in... and I said this to somebody earlier... both because I don't want to see millions of hard working people lose their livelihoods, but I'm not ready for another "Roger & Me" either.
And if we loan them ANYTHING, it better come with conditions... like the promise of no outsourcing production. (Flying coach should go without saying.)
Just a few quick things, Madame Fu-
Yes, they took their private jets to DC; but what if they'd taken commercial instead-- and said flight was delayed or cancelled. Do you think the Congressmen would have said, "Oh, no problem, we'll just reschedule...." yeh, right. The fact is, yes, they own the airplanes, but its not like the CEO's are just relaxing and having a drink while in the air-- they and their senior staffs are working, conducting business the whole time. AND, while the CEO isn't in it, I know for a fact that the companies use these airplanes to move engineers and technicians around to their various plants as they work to retool for new vehicles and for product improvement. You can stuff a dozen engineers into one of those airplanes and fly them from Detroit Metro to Kansas City International and home again for less money than putting them all on commercial flights.
Note that we-- that's WE THE PEOPLE-- have given AIG alone well over 100 billion? Comparatively speaking, 25 billion is a bargain!
Also-- for those who malign the domestic carmakers, did you know that Ford for one had a profitable first quarter? Speaking as one who works in the industry (not directly for the Big Three, but my employer builds manufacturing equipment used by all three of them, plus most of the transplants- we are good!), I've watched Ford, GM and Chrysler folks work their collective asses off to build high quality vehicles, to the point where right now I'd put a Ford Fusion up against a Toyota Camry any day of the week.
In fact, a lot of the "hatin' on" the Big Three is based on... well, ignorance of the facts:
Take quality:
Consumer Reports recently found that "Ford's reliability is now on par with good Japanese automakers." The independent J.D. Power Initial Quality Study scored Buick, Cadillac, Chevrolet, Ford, GMC, Mercury, Pontiac and Lincoln brands' overall quality as high or higher than that of Acura, Audi, BMW, Honda, Nissan, Scion, Volkswagen and Volvo.
Power rated the Chevrolet Malibu the highest-quality midsize sedan. Both the Malibu and Ford Fusion scored better than the Honda Accord and Toyota Camry.
Or fuel efficiency:
All of the Detroit Three build midsize sedans the Environmental Protection Agency rates at 29-33 miles per gallon on the highway. The most fuel-efficient Chevrolet Malibu gets 33 m.p.g. on the highway, 2 m.p.g. better than the best Honda Accord. The most fuel-efficient Ford Focus has the same highway fuel economy ratings as the most efficient Toyota Corolla. The most fuel-efficient Chevrolet Cobalt has the same city fuel economy and better highway fuel economy than the most efficient non-hybrid Honda Civic.
If We The People can kick up 700 billion dollars to outfits that turn around and throw wild parties in the Caribbean- can't we loan 25 billion to the companies that employ so many of our citizens?
Was opposed to the bailout of our financial institutions and oppose this one as well. $'s are being pumped into our financial and banking institutions to unfreeze credit and it's still frozen solid.Instead, credit card companies are suddenly banks, larger banks are buying smaller ones and AIG...well AIG personnel are having a good time...at our expense.
Want the economy to grow? Take the bailout money and give $500K to each taxpayer who did not make $500K...watch it grow. Mortgages would be paid off, new cars bought, credit cards paid off...........the $$$$$$$$$ would flow.
By the way, this idea is not so hairbrain....some economists have suggested similar ideas.
No more bailouts! This industry should be nationalized, these CEO's should lose their jobs and we should hire a bunch of new people to start making a car that gets 50 MPG, and MAKE them ourselves!
*hunches a bitch
How likely is it these MFs will ask the oil industry for help since they contributed to the thievin with the gas guzzle mobiles they've been putting out the last few decades?
Yeah, the corporate jets are a "fixed cost", and it probably costs little if any extra to ferry the Boss to DC. Still looks like hell.
Any company that wants a bailout should have the top management and the Board of Directors guarantee it with every penny they've ever made. Go bust they lose the house(s), lose the kids' college fund. Just like us small businesspeople.
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