WASHINGTON – A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.
The collapse came after bipartisan talks on the auto rescue broke down over GOP demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers.
Majority Leader Harry Reid said he hoped President George W. Bush would tap the $700 billion Wall Street bailout fund for emergency aid to the automakers. General Motors Corp. and Chrysler LLC have said they could be weeks from collapse. Ford Motor Co. says it does not need federal help now, but its survival is far from certain.
Well i dont know what to think. Even with aid. They still could go bankrupt. If the UAW wants bankruptcy so be it. When you get goverment aid. You better do what the goverment says or else face the cosequences. If the UAW balks at any thing that would help the profitability off the automakers. Let them go broke if thats there attitude. The UAWs postion off strength is gone when your in this situation
The UAW has made it clear that they aren't interested in saving the domestic auto companies. The bailout bill passed by the House of Representatives would have only delayed the bankruptcy because it required that the UAW come in line with wages within 3 months. I think the Senate saved the money that they would have spent. However, itlooks like Bush may give them some bank money. MISTAKE!!
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2004 XLT Regular Cab, Short Bed, 4X4 with 5.4 and 3.73.
I bet you won't see the big 3 make too much of a stink over the UAW's decision either, they'd love nothing better than to get out from under the burdon of the existing wages and pensions... via a restructuring. After the dust settles the workers that remain or get rehired to the new company will have to settle for wages no higher than what the import makers are offering, so the end result is the same anyway.
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Paul O
1990 F150 4x4 XLT X-Cab 5.0, 3.55, Comp 35-349-8, Flowtech LT's to 3" single, FRPP Mass Air Conversion
Under construction: '85 351HO, Dart Iron Eagles, 1.6 RR, Typhoon intake, Crane 444232, 24lb Injectors, TweecerRT, Innovate LC-1 wideband O2
1990 Ranger 2wd, 2.3 Briggs & Stratten, 5-speed, 3.08 gears, and now power steering!!
Dodge bashing could be over soon, but Ford and Chevy will still exist, in close to the same form post GM bankruptcy. C11 is not the end of the world. If GM can dump Buick (except in China), GMC, Hummer, Pontiac, Saab (who are getting a separate Swedish government bailout) and Saturn, Chevy and Cadillac will still exist, and healthier, IMO.
I was against the bailouts from the beginning. You dont give blood transfusions to a patient with a gaping wound bleeding out all over the place. You stop the bleeding first.
As for the UAW, I dont get it, but dont blame them for the whole problem. Ron Pullmyfinger seems like just as much of a moron as "Red Ink Rick" Wagner.
IMO GM should stop building 2 lines of trucks either build GMc's or Chevy trucks no need for both. Saturn is not doing that well right now as their compact car, the Astra, is expensive and is an imported car which is ot suited to American tastes from articles I have read. Gm is considering selling off Pontiac and saturn from article I have seen. ( I think they should dump Buick insted cause they haven't made anything remotely exciting since the GNX).
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2003 F250 SD 4X4 5.4L 4:10 Arizona Beige
1987 Mustang GT
09 Challenger RT
A bunch of motorcycles, other cars, and a Quad.
I do believe that the Ford vs Chevy debate has always been over the quality and/or desirability of the vehicles themselves-----Not the solvency of the companies.
__________________ I subscribe to the old adage that "The pen is mightier than the sword".....As long as I'm close enough to stab that SOB in the chest with my pen
Eco-Friendly Thought For The Day: "Conserve Water; Shower With A Friend"
I was glad to hear the bailout was denied. File bankruptcy, restructure and boot the union.
Thats all fine and well....but how many jobs are going to be lost....not at GM and ford...but at supplier companies....arround manufacturing areas....how many more homes are going to go into foreclosure when the gm and chrysler line workers are out of work...or making 45% less and now can't afford their house....
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2007 Lariat screw - White Sand Tri Coat - chrome package - Black leather captains chairs - sunroof - audiophile - 20" Mark LT wheels - Color Matched Door handles -
2005 XLT scab -
1995 xlt scab - 13 inches of lift - SAS
Needed: 2004-2008 OEM cat back for F-150 supercrew
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