Latest! Auto Industry Bailout Dies in US Senate

[Friendstar]

The U.S. Senate failed on Thursday night to reach a last-ditch compromise to bail out automakers, effectively killing any chance of congressional action this year.

 

The $14 billion legislation officially died in the Senate late on Thursday after supporters failed to get enough support in a procedural vote.

 

http://www.cnbc.com/id/28185890

 

 

 

More good times ahead......

[Karu]

Jialat liao....

 

But then again will there be any about turn this time round??

[Furrynadz]

buffet time liao

 

[Yuan]

Wonder what will happen to the staff and employees of these companies.

 

What will happen to people who own their makes of vehicles.

[Starengine]

got close-shop sale or not...

[Nlatio]

With the huge potential market in US, believe there are many competitors waiting to makan them up.... they are just waiting for the right time and price to do it.... the only thing is whether the US govt will allow it to happen.... it is afterall the Pride of US of A....

[Newbie_driver]

maybe they will ask for another voting session just like what they did previously...

[Mzrmazda3]

I see 'Seas Of RED' cuming at stock market

[Ghostrider]

Last week Chevy in US....buy one get one free liao.

[Jonbummer]

one of the main reason is:

 

The group came close to agreement, but it stalled over the union's

refusal to agree to wage cuts before their current contract expires

in 2011.

 

the workers, it seems, rather see the company close shop and

all of them go jobless than to have a job with a lesser pay.

that is precisely one of the reasons why the US auto industry

is in deep trouble. it's because it's uncompetitive relative to many

countries. the union is too strong. 'No' to many measures to save the

company.

the workers just too narrow minded.

 

thus, i hope they all fold. and really hope the union learn a harsh

lesson from it.

[Blueblack]

If they are very good they can work for toyota or honda, the japanese factories r there.

If just the average joe then can come over to malaysia to work for Proton loh.

[Zuoom]

that was unexpected.

 

this bail-out mean business.

[Xeryh]

European countries also had very strong unions, which is why you often see labour strikes crippling transport systems etc.

 

I suppose individual workers would want the company to survive, but union leaders may have their own agenda and may not see the big picture/place workers' welfare first...

[Jonbummer]

personally, i think it was expected.

 

banks and financial institutes Must be saved because it affect

people's live immediately and directly.

 

whereas, saving a bunch of Automobile Private Limited companies is another matter.

there's certainly a need to save them from going bust, so that unemployment will not

go sky rocket in US. which will in turn, worsen the economy.

 

then again, how many companies govt can save in these economic condition?

if they start saving these auto "giants", others who are going bust will

also cry for help. will the govt save them too? if they do, many will cry

for help$. if they don't, i will question 'why not?'

 

to me, P/L companies have to ensure they are operating well and prudently.

and in this instance, my view is that these 3 companies are not doing so.

i just have to say again that the union is just too myopic and self centered.

[Ncp91]

I don't think they are that stubborn as to watch the company fold up than to take a pay cut.

 

Rather, each side was calling the other's bluff, because there was strong reasons to believe that the government would not let the automakers go under like they let the banks collapse (massive unemployment and all that).

 

but perhaps it is not such a bad thing, to start over. Old agreements with unions lapse when the companies wind up; new agreements have to be negotiated.

 

Ford, GM and Chrysler are huge, but they're dinosaurs way past their time. Let the fittest survive.

[Jonbummer]

the union leaders may have their own agenda, no doubt.

 

but with so many workers, i can't believe no one stand up

to him/her, and really Think on a larger scale for everyone?

 

if there's none, they really shldn't be saved. for it will

just be happening all over again.

[Jonbummer]

i concur.... let the fittest survive!

 

only Ford is doing reasonably well with their makes, IMHO.

the other 2 will not be missed sorely shld they disappear.

[Axela72]

I work in one of the affected company before. Do you know how much a driver/storeman in US Automotive get per working hour? Make a guess. It is more than $80 an hr. How u feel if the company would like to cut your pay from that to $30 per hours instead? They are having lucrutive/luxury life in the past. They can't accept the changes. Furthermore, upon retirement, the company will feed them monthly (if I am not wrong is 3k/mth) till death. Part of the company (if I am not wrong in term of billon) salary is used to feed those retiree.

 

The CEO and employees all enjoy $$$. How to compete with Japanese where their wages is so much lower than them? Ask the CEO of Ford to get his 22 million annual salary to become 1 million instead as Toyota CEO and see whether he will live with it.

 

Not to mention that their car technology is unable to beat the Japanese. Lower quality but expecting so much higher salary, I also want to be one of them to enjoy that.

 

If the government loan them the money, it will mostly went into their pocket and down the drain again. If they can turn the tide, they would have done it 10 years ago already.

Edited December 12, 2008 by Axela72