GM: Everyone Falls Down

[REEFBLUE93]

Originally Posted by dannkimmel

dont forget the nearly 600,000 retirees.
those payments would have stopped add that to the workers and you are talking
about ALOT of unpaid mortages .
how much do you think your house would be worth then?

Again, at no time were the current UAW folks concerned about their predecessor's pensions. It was self loathing and "what's my company gonna do for me?" attitudes that skippered this ship right into the ice berg.

[2010-1SS-IBM]

Originally Posted by BlissStreet

Because labor analysts agree that with in 3-4 degrees of separation, 1 in 4 jobs in the US was tied to GM (along with Chrysler) and it's supply chain. You think a measly 9% unemployment is bad? Try 25-30%. That's why they stepped in.

First, I don't believe that. You shouldn't either; I mean, how good a job have the economics guys done during the last decade? They missed the entire credit bubble which caused the greatest recession in the last 30 years, at least.

Anyway, you're getting ahead of yourself. A lot of companies were willing to buy GM out of bankruptcy.

And no one bothers to explain why the government should be able to confiscate money from everybody to bail out GM. My company had to lay off two thirds of it's workforce in 2007 (66% unemployment for us), and everybody who stayed either took a pay cut or didn't get raises for 2 years. On top of that, all the employment taxes we have to pay went through the roof because the feds and state governments needed money.

So you'll have to pardon me if I don't shed tears because GM might have had to lay off some people, or they might have had to pay more for their medical insurance.

I like GM, but it really pisses me off to hear guys defend the bail out like it had to happen. They'd have survived without it.

[GTAHVIT]

OK guys. we've had this conversation MANY times before.

Let's not turn this into one of those debates that have no end and just rehash old arguments.

If this deteriorates into bickering we'll close it.

[a_Username]

Originally Posted by 2010-1SS-IBM

First, I don't believe that. You shouldn't either; I mean, how good a job have the Keynesian and Monetarist economics guys done during the last decade? They missed the entire credit bubble which caused the greatest recession in the last 30 years, at least.

Anyway, you're getting ahead of yourself. A lot of companies were willing to buy GM out of bankruptcy.

And no one bothers to explain why the government should be able to confiscate money from everybody to bail out GM. My company had to lay off two thirds of it's workforce in 2007 (66% unemployment for us), and everybody who stayed either took a pay cut or didn't get raises for 2 years. On top of that, all the employment taxes we have to pay went through the roof because the feds and state governments needed money.

So you'll have to pardon me if I don't shed tears because GM might have had to lay off some people, or they might have had to pay more for their medical insurance.

I like GM, but it really pisses me off to hear guys defend the bail out like it had to happen. They'd have survived without it.

Fixed.

[GTAHVIT]

Closed.