Comments on: Circling the drain.

By: Human Hair Extensions

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By: Becky

Becky — Mon, 08 Dec 2008 21:43:07 +0000

I don't think a bailout is appropriate for every corporation that is going under. What I would like to see is an accounting firm going in and doing a thorough audit of the books. Just how big are the bonuses the executives are getting? What kind of "luxuries" are being written off? That being said, my husband is an electrical designer, and he works for a company that makes after market and OE parts for GM vehicles. If he loses his job, we are screwed. Beckys last blog post..9 Layers of Lovely Goodness

By: Donna B.

Donna B. — Mon, 08 Dec 2008 18:05:25 +0000

N -- having owned stock in Ford until about a year ago, I have to disagree. The Big Three have been in financial trouble for years. If I thought they wouldn't be back in 6 months asking for billions more, I'd be much more in favor of the bailout. However, the only guarantee that they won't be back is for them to go bankrupt now. I really do think that is their only hope to restructure and become sound businesses again. Ree -- I agree that the credit freeze put the auto makers over the edge, but they got to the edge by themselves. Donna B.s last blog post..Pearl Harbor

By: Talina

Talina — Mon, 08 Dec 2008 17:21:40 +0000

N » and that they are going to spend wisely with that money. Huge CEO salaries that are 100′s of times larger than the average workers salary are just insane especially if you are begging for money. Those jets and the cushy perks for being a leader of the company need to be the first things cut when ANY company gets in to trouble. I don’t want my tax money going towords that at all!

By: N

Mon, 08 Dec 2008 17:16:44 +0000

I've learned more about the auto industry in the past two weeks than I probably have in my whole life! I didn't realize that furloughed UAW workers get 4 years of pay for not doing a darn thing. How do you get laid off and then get paid for the next 4 years? That's just not a realistic expectation and I feel sorry for the damn corporations that are having to deal with that. I can understand 6 months or maybe a year worth of pay but not any more than that. The Toyota plant in southern Indiana has temporarily halted production on some of its models. The employees are still getting paid but their out in the community working, doing community service activities to continue receiving those benefits. While I hate the idea of another bailout I also hate the idea of how far spreading the impact would be if the "Big 3" are allowed to fail. Think about all the little auto parts suppliers that would go under. If the government does help, I think there needs to be some stern limits set and some motivation for these companies to get more fuel efficient. I also want some guarantees that these people aren't going to be back in 6 months asking for billions more in federal funds. Nathans last blog post..Non-Material Gifts

By: Talina

Talina — Mon, 08 Dec 2008 17:04:43 +0000

Ree » Yep, they key is “with the APPROPRIATE oversight (which the bank’s don’t currently have)”… I think that is the part that makes us all so mad about the bank bailout and thus pissy about the auto bailout.

Ugh.

By: Ree

Ree — Mon, 08 Dec 2008 16:58:30 +0000

As one of those executives who is now out of a 16-year-career because of bank mergers and failing economies, I have to point out that the auto companies are in the position they’re in because of people’s inability to buy cars because banks and mortgage companies allowed people to overextend themselves.

If the government agrees that the banks deserve to be bailed out, then the auto companies (whose employment is FAR beyond the manufacturing plants – think Blue Cross/Blue Shield that handles their benefits; think contracting & temporary agencies that provide services to the companies; think the creditors’ employees…etc.)certainly deserve a loan and the opportunity to restructure themselves.

Put all of those people out of work, and believe me…it’s a far larger problem than just autoworkers being out of work.

Of course, the fact that I live in Michigan and don’t necessarily need to try to find a new career with OTHERS out of work, too, may have something to do with my viewpoint (so I’ll add that disclaimer).

I’m not saying just to hand over a blank check, but with the APPROPRIATE oversight (which the bank’s don’t currently have), I believe there are more benefits to keeping the Big Three solvent than to allowing them to declare bankruptcy.

Now I’ll go away.

Rees last blog post..Drunk Facebooking

By: Donna B.

Donna B. — Mon, 08 Dec 2008 04:29:53 +0000

Thanks Talina. I likely have a skewed point of view as it is informed by my husband's and children's military service, my father's 50 years of being self-employed, and my own contrariness. Thanks for listening to me! Donna B.s last blog post..Pearl Harbor

By: Talina

Talina — Mon, 08 Dec 2008 02:15:41 +0000

Hyphen Mama »

Yeah it is too bad that so many little guys would suffer as a result of those bad decisions but at the same time those greedy execs don;t deserve to go on sitting pretty. They messed up big time. And when are the auto makers going to start paying attention to what the people want? Make hybrid cars that we can all afford!

By: Talina

Talina — Mon, 08 Dec 2008 02:13:09 +0000

Donna B. » No please, soapbox one Donna! I surely don’t know everything there is to know and you raise a very interesting point that I never really dove in to.

All points of view and rants are welcome here. It makes me more educated ;-P