Ron Gettelfinger et al testimony in congress

[ellives]

I was just listening to some of Gettlefinger's testimony in front of congress. He took the same old tired position of how much the UAW "gave up" for the benefit of the automakers. I'd like for him to tell us how they actually contribute to the success of their employers. Just showing up at work every day doesn't cut it. After listening to his crap, I'm even more steadfast about one of the requirements for the $25M loan being the elimination of the UAW at these companies. Without this requirement I'd let these companies fend for themselves.

Mulally's testimony is the only one who gives me confidence he has a plan for his company. Nardelli seems like he is uncomfortable in his position. He reads only from a prepared script and doesn't speak well... almost like he's reading someone else's words. He did highlight an interesting statistic which was the drop in sales (37%) when Chrysler was sold by Daimler and buyers were skeptical about buying from a shaky car builder. Doesn't bode well for a bankruptcy if GM were to choose this option.

Rick Wagoner's testimony painted a bleak picture of demands on their revenue. About 100k employes and about 500K retirees depending on them. I don't know how they survive with a 5 to 1 ratio of retirees to current workers. He mentioned the CTS and Malibu and a number of the other highlights of the company. The real solution where the government can help is to take over the retirement obligations. He does speak well and has a natural thought flow during his prepared comments. Peter Morici is quite clear about why the bailout shouldn't happen as a $25B loan but he's clueless about the impact of a chapter 11 filing. Typical academic. "Those who can... do... those who can't teach/talk about it."

[FUTURE_OF_GM]

Sadly, I'm agreeing with this assessment more and more everyday.

The UAW had a real opportunity to use its membership and resources to SHINE and re-invent the image of the american manufacturing worker. The climate is PERFECT for such a movement, yet we get the 'same 'ole $h!' regurgitated through the same tired leaders.

More and more I'm supporting the idea of leadership change at both the UAW and the automakers. I just don't understand why a RESISTANCE TO CHANGE is so ingrained in these people.

Sure, I HATE change... Change sucks for everyone most of the time. But if it came down to either change or death, then I'd change.

Why can't the executives and union leaders realize the urgency of the situation?

[network engineer]

I think everyone has a belief that a bankruptcy will lead to an end of the UAW. It probably will not. It probably will however, lead to the BK judge voiding the labor contracts. The judge cannot however, void the union or bust it up. The union will still exist and be present when GM emerges from bankruptcy. Hopefully GM doesn't use abuse the UAW during their BK. When GM emerges it will be important to still have good labor relations. The best GM could do would be to offer a better package to non union employees, and get the UAW to disband naturally.

[4gm]

Couldn't the UAW give GM a low interest loan from their pension fund if they wanted to? Or is this illegal?

[network engineer]

I don't think it would be a good idea. If GM were to go under the pension fund would be in even worse shape.

[evok]

http://www.washingtonpost.com/wp-dyn/conte...8112002972.html

Read this garbage!

You would swear Ford was still building the Model T and GM the Corvair.

This is little truth in his assesment of the US companies.

Edited November 24, 2008 by evok

[Camino LS6]

http://www.washingtonpost.com/wp-dyn/conte...8112002972.html

Read this garbage!

Pure ignorance.

The author obviously knows nothing about how the domestics work, and only imagines that he understands the industry at all.

[evok]

Pure ignorance.

The author obviously knows nothing about how the domestics work, and only imagines that he understands the industry at all.

http://abcnews.go.com/Video/playerIndex?id=6315870

More Peter Morici type crap here - Watched it this AM. It starts about 6 minutes into the video.

Come on - What insight could David Brook, Robert Kuttner and Arianna Huffington, have on the auto world.

Edited November 24, 2008 by evok

[Camino LS6]

http://abcnews.go.com/Video/playerIndex?id=6315870

More Peter Morici type crap here - Watched it this AM.

No sound on my machine, but I think I can guess what I'd hear...

[evok]

No sound on my machine, but I think I can guess what I'd hear...

Guess who killed the electric car? That is all you need to know.

[mustang84]

http://abcnews.go.com/Video/playerIndex?id=6315870

More Peter Morici type crap here - Watched it this AM. It starts about 6 minutes into the video.

Come on - What insight could David Brook, Robert Kuttner and Arianna Huffington, have on the auto world.

That made me angry watching that...I actually blurted out "what a load of bullsh*t" when Arianna Huffington started talking about Detroit spending billions to convince us to drive gas guzzling SUVs.

[CARBIZ]

Unless Washington (and Ottawa) understands the long term affects of a GM or Ford bankruptcy, bankruptcy may be the only option.

With the market meltdown, there is no way in hell the UAW pension fund can be anywhere near what it needs to continue. Is GM still responsible for 'topping it up?' If so, that fact alone will crush GM. The market meltdown is NOT GM's fault. Washington needs to understand that.

If GM files for Chapter 11, then Washington is going to be facing a half million suddenly poor pensioners. Who is going to support them?

This is a greater question for Joe Public. Do they want their money to go to supporting UAW retirees, or to Japanese retirees? That is the bottom line. We can argue until we are blue in the face as to whether the UAW deserves the pensions/health care plans that they have, but the fact is they have them. As things stand, GM is responsible to meet those obligations. Washington can either pay now or pay later.

[A Horse With No Name]

Certainly there will be a whole lot less working people, so we will all become poor together, unless we work for Citigroup or AIG or something.

Chris

[FUTURE_OF_GM]

Certainly there will be a whole lot less working people, so we will all become poor together, unless we work for Citigroup or AIG or something.

Chris

Then you can have access to all the counterfeit money your heart desires!