General Motors May Fail This Month Without Aid, UAW Chief Says

[endarkenment]

Source: Bloomberg


By John Hughes

Dec. 4 (Bloomberg) -- U.S. lawmakers were told General Motors Corp., the country’s largest automaker, may fail this month if they don’t give the cash infusion the company seeks.


“I believe we could lose General Motors by the end of this month,” Ronald Gettelfinger, president of the United Auto Workers union, told a Senate panel today in Washington.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aoaDhd_S14EA&refer=home

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Trillions for Wall Street billionaires. Rescue good paying union jobs? Nah.

[RUMMYisFROSTED]

1. Were it that Citi...

[ksimons]

2. Those heads of the car companies, if they really cared,

should have offered themselves as sacrificial lambs to the industry that supported their luxurious lifestyles for so long and with so much pain. They should have said we are all here to tell you that we will resign and help 1000% in bringing in a reorganization team of your choosing, will leave the company a lifeline by jumping ship ourselves and letting it move onto it's destiny of future car designs.

But no, they think THEY are the solution. Uh, that's the problem right there. They would never throw themselves on a grenade for their company because they are selfish, overfed pigs, who don't think more-than-enough-money is enough and want even more.

I'll betcha 2 to 1 the Republicans are looking for a bloodbath to punish union support of the democrats through the years. Why else do you think there isn't enough support for an auto-fix but more than enough for an overnight bailout 20x greater for Wall Street. Do the political math.



This visual gives one very little confidence in the 'industry' being an agent of 'change' for the future.

[Psephos]

11. The political math

Wall Street solidly supported Dems this year, and in 2006 as well.

[Mithreal]

3. The failure of the auto industry will replace gay marriage and abortion?

Just wait to see who places the blame on the Democratic Party if they really do fail.

Cat and mouse is being played with the auto industry and union. Republicans will persuasively blame Democrats. It will not matter if it is a lie. When has a lie ever made the difference to them.

All the other arguments about who is to blame and why we shouldn't bailout, I pretty much agree with but we need to find balance. There are many positive reasons to keep these companies solvent even in the short term.

And sure, I think the CEO's are playing games too. I like the argument for breaking them up and I like Tom Hartmann's idea why the auto industry CEO's behave like investors and that is the reason for their shortsightedness. Doesn't help either that we have had a complacent and stupid Congress with a very small number of exceptions.

Gas prices are down, right. The auto industry will be back on its wheels in no time. Oh wait, Americans will still be out-of-work, out-of-credit, and for too many, newly homeless. The auto industry is going to have to make lemonade elsewhere.

There is no courage in the Congress to protect American workers!!! ...with very notable exceptions.

If we can keep from being distracted, the real cause of these crises may actually be noticed and addressed. The collapse of an auto industry is a symptom not the disease.

[blue_onyx]

13. Yes, the GOP will place the blame on the Dems

If the industry goes under while Obama is president and the DEMs control Congress, it may be an argument that has traction. Truthfully, if the Dems don't do anything to assist the automakers, I will place at least some of the blame on them, particular those who supported the financial bailout but not the automotive bailout. I understand why the GOP doesn't want to help the auto companies...they are drooling at the thought of the unions being destroyed. The unions have been one of the strongest supporters of the Democratic Party so it surprising that some seem so willing to turn a blind eye to automakers and their union workers.

[Newsjock]

4. As much as I support union auto workers ...

... it's threats like this that really raise my suspicions that something isn't quite right here.

Remember how we had to bail out the banks Right! Now! because they were going to fail? And how we had to do everything Enron wanted because California would Go Dark Next Week? And, yes, how we had to invade Iraq because the Winnebagos of Death were on their way to America Right! Now! if we didn't?

Funny how all of these latest deadlines just happen to coincide with the end of the Bush regime.

And I know that lots of innocent workers will get hurt no matter how this turns out. But I really don't see why we should be helping these greedy bastards when they're not going to help their workers much anyway.

[fascisthunter]

5. "Trillions for Wall Street billionaires. Rescue good paying union jobs? Nah."

EXACTLY

[ima_sinnic]

6. let the effing CEOs and other billionaire pigs use their tax breaks and bonuses--we're tapped out

[Selatius]

7. If GM does go into bankruptcy, will every GM operation halt immediately?

Or can there be an agreement to keep operations running while GM is in bankruptcy court?

[tclambert]

10. Some of the economically astute say it would halt immediately.

Because the credit crisis means creditors would not tolerate a Chapter 11 reorganization bankruptcy, but would insist on a Chapter 7 bankruptcy, which means dissolving the company and selling off the assets.

[totodeinhere]

14. But couldn't their assets be sold to another company that could put GM's workers back to work?

[gizmo1979]

8. No money for those who take

their shower after work,only for those that shower before work.

[tclambert]

9. Well said.

[Psephos]

12. The entire industry is taking a bath n/t