Good luck to Detroit's auto makers, for they'll need it. Fortunately Ford looks (relatively) okay so far.
I still wonder if the UAW isn't thinking about striking to bankrupt the companies, eventually. Not that they're doing anything grand, acting as "Samson" for their last despicable act. Rather, why not bankrupt the company (through a strike) with the current bloated pension schedule rather than having the companies go bankrupt later with a reduced pension schedule. In either case, bankruptcy means dumping the pension plan on the PBGC (and likely, the taxpayers) but if the schedule of benefits is fatter now than it likely will be later, why not strike and bankrupt the companies now rather than see them go bankrupt later, anyway, when the pension claims are reduced? This is why I mentioned some time ago the notion of the UAW going on a final strike but that they have to wait for production at GM and Chrysler to resume first. There's nothing to be proud of, but rather the notion of retaining more pension claims now rather than later. On a more up-to-date note, we'll have to see what happens starting next month when the need for reforms can no longer be avoided, while at the same time, the UAW (obviously) and likely one or more Detroit firms (executives there) will appeal (along with others, like Michigan's governor already has) to the Obama people to prepare the next, much larger bailout for them.
Manchester2
· 12 months ago
The banks won't lend? I work at one, and we're lending for cars like we always have. Radio commercials here in Oklahoma talk about how banks are lending for cars...come and buy! So, where's the beef?
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I still wonder if the UAW isn't thinking about striking to bankrupt the companies, eventually. Not that they're doing anything grand, acting as "Samson" for their last despicable act. Rather, why not bankrupt the company (through a strike) with the current bloated pension schedule rather than having the companies go bankrupt later with a reduced pension schedule. In either case, bankruptcy means dumping the pension plan on the PBGC (and likely, the taxpayers) but if the schedule of benefits is fatter now than it likely will be later, why not strike and bankrupt the companies now rather than see them go bankrupt later, anyway, when the pension claims are reduced? This is why I mentioned some time ago the notion of the UAW going on a final strike but that they have to wait for production at GM and Chrysler to resume first. There's nothing to be proud of, but rather the notion of retaining more pension claims now rather than later. On a more up-to-date note, we'll have to see what happens starting next month when the need for reforms can no longer be avoided, while at the same time, the UAW (obviously) and likely one or more Detroit firms (executives there) will appeal (along with others, like Michigan's governor already has) to the Obama people to prepare the next, much larger bailout for them.