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View Full Version : Going To Be a Down Day?


Kathianne
03-30-2009, 04:32 AM
http://money.cnn.com/data/premarket/

Now is this because of the questions about GM/Chrysler surviving or the government now usurping the roll of HR?
sgtdmski
03-30-2009, 05:13 AM
GM and Chrysler should have sought bankruptcy protection in the first place instead of the bailout from the government, all the bailout did was prolong the original problem. I find it remarkable that Ford was able to restructure its company to prevent themselves from having to take the bailout. GM and Chyrsler should have done the same thing.

Both companies should have called the unions in and laid down the finacials and said we need to renegotiate the labor agreement, if the unions balked, they should have locked them out, and brought in non-union workers. With 10% unemployment in Detroit, finding workers would not have been a problem. Then they could have sold assets and renegotiated their outstanding debt so they could continue to function.

dmk
Kathianne
03-30-2009, 05:19 AM
GM and Chrysler should have sought bankruptcy protection in the first place instead of the bailout from the government, all the bailout did was prolong the original problem. I find it remarkable that Ford was able to restructure its company to prevent themselves from having to take the bailout. GM and Chyrsler should have done the same thing.

Both companies should have called the unions in and laid down the finacials and said we need to renegotiate the labor agreement, if the unions balked, they should have locked them out, and brought in non-union workers. With 10% unemployment in Detroit, finding workers would not have been a problem. Then they could have sold assets and renegotiated their outstanding debt so they could continue to function.

dmk

Agree with the bankruptcy as first option. For GM now, the problem lies with inability to get concessions from retirees, not current workers. The refusal 30 years or more ago to update their plants, spending on labor while Japan went robotic. Then there are the divisions of GM, rather than cutting while it made sense...