Big Three CEOs grovel for bailout

I sent this to our US Reps and Senators by email. I STRONGLY urge you to do the same if you agree. The possibility of losing their Power Positions in D.C. is the only thing that makes these out-of-touch ELISTISTS politicians like REID/PELOSI listen. Dear XXXXXXX, I most strongly urge you to oppose any bailout for the auto industry. It is irresponsible and will not correct the problem: mainly, overinflated wages, benefits, and retiree plans. The "other" American auto industry is thriving with happy employees, efficient output, and quality products that American consumers are buying in record numbers. The Big Three are simply non-competitive in the global economy - or even in the domestic market! The Big Three will not disappear; they will either reorganize or be acquired by other automakers - there is simply too much brand value and infrastructure in place for them to disappear. But a bailout will only prolong their demise and cost us - and our children - billions. It is nothing more than pandering to the unions. Your support of a bailout will ensure my not supporting you in the next election and resolve me to work hard to see that you are replaced with someone who truly represents the desires of the majority. Please oppose any more bailouts for anyone!

Riddle me this.. It seems the GM pension fund is nicely secured "Already, G.M. says it will be paying retirees about $7 billion a year for the next 10 years. The fund’s assets were worth $104 billion at the end of 2007, more than enough to cover its obligations of $85 billion." If the UAW believes it is such a great investment for the American taxpayer to do a $$ Billion bridge loan. How about we [the U.S. taxpayer] step aside, and let the GM pension fund get in on this once in a lifetime slam-dunk deal instead. I'm sure the fiducicaries who oversee the GM pension fund would grab this once-in-a lifetime opportunity. They might even pay you a finders fee. LOL Would a prudent man acting in a fiduciary capacity invest in a technically insolvent company with an expected return of 5%, with no guarantee of repayment? Is that the risk adjusted rate of return a fiduciary should invest plan assets in? Aren't members of Congress acting as fiduciaries on behalf of the American taxpayer? Put your money where you mouth is! Bad deal -- you take it. Leave my hard earned $$ alone.

again, why are they groveling? The liberal illuminati can give them all the money they want but if we just keep bailing them out nothing is ever going to change and we are going to keep ending up back at the same spot. These people need to propose big change and a place for the future that will work.

By:Unionbuster Solution to the problem: I think we all agree that the biggest problem with the US auto industry and the reason they have a difficult time competing in the world market, is the UAW. Why not take the 34 billion bail out (or whatever it takes) and use that money to offer rank and file UAW members lump sum payouts to leave the union. Let's face it any money we give the auto industry we will never see again. So why not use it to eliminate the root and cause of the American Auto Industries biggest problem. Then, if those workers want to remain employed they can work under a "reasonable" compensatation package like most other non union work forces in the US. Bottom line is there was a time and place for unions in the US but I believe they have gone way too far in thier demands in the auto industry.

Once again, people, this is not a BAILOUT. This is actually a LOAN. History tells us that previous loans received by auto industry have indeed been repaid. This is totally different than the financial gifts given out like candy earlier. The auto industry has been restructuring, but requires funds to continue to do so. The primary benefit of bankruptcy is the chance to renogotiate contracts and hopefully shed the union.

mofun, A loan eh... It is a GIFT!! I nor, the sophisticated GM pension fund staff would provide a simple low interest loan to a technically insolvent company, with dim prospects for timely repayment, or repayment at all. Christopher Dodd, is simply a carnival barker -- Pay no attention to the man behind the curtain. Notice how Dodd split off from Tennessee Senator Corker. Corker had Nardelli pinned in. What'd Dodd do.. the carnival barker turned to one of his minstrals, the dopey Senator Casey from Pennsylvania. What was his point? Clearly, it was to obfuscate, and put the hearings on a dusty road. He insulted my intelligence. I threw up in my mouth a little.

Do I hear an oink coming from Michigan's reps? We should close and lock the gate to the pen where Upton and Dingell have been gorging themselves for decades.

Why continue to help these auto corporations out if they are simply not getting the job done or, not good at what they do? Bankruptcy is an option.

"Mofun: Once again, people, this is not a BAILOUT." I see. And Social Security is solvent. And the budget can be in deficit forever. Calling it "not a bailout" ... is just Clinton-esque wordplay. The Big Three refuse to consider bankruptcy, which is how things like this get worked through. They just want to have their cake and eat it, too. Sorry. Enough is enough. It is time to say NO. And passing the buck to Bush will work (maybe) until Jan 21st 2009. Cowboy up, Dems. Or go ask the Messiah what to do.

By: Unionbuster Has anyone thought about the glutoney of the UAW in this whole mess? I'm offering a solution which no one else in this commentary wants to do except bankrupsy which, to me is not an option because it would destroy consumer confidence like it always does. The auto industry in this country cannot afford anymore lack of consumer confidence. By the way, bailout may not have been the proper terminolgy. Without the unions involved we will certainly get a return on our "loan" a lot quicker than we would if the unions were involved. Anyone care to comment about the UAW??? On another note maybe if some of these young professionals over the last 10 yrs., instead of leasing Mercedes and BMW's they can't afford, and looked at some of the quality products Detroit is putting out that would certainly eliviate some of the issues Detroit is facing.

To Mr. Gettelfinger: I cannot BELIEVE you did not put this to the members for a vote! The most important vote in UAW history, and you screwed up BIG time! My husband is a UAW member, and he would have GLADLY taken a cut in pay if it meant he could keep his job! How DARE you not have the members vote on it. Just who do you think you are? You need to be OUSTED! It's a good thing you're far from Kansas, I'd come to your office and yank you out of it myself!