Don't be fooled......
The UAW just announced that they will consider "major concessions" as part of the automakers bailout package before congress.
Let's review:
- For the past five years, the major domestic automakers have been hemorrhaging money and market share.
- The UAW has had a seat at the board table of each of these firms during that period.
- The UAW has been well aware of the damaging effects of their compensation package to the survivability of the GM, Ford and Chrysler.
- The UAW sat at the same committee table, where the Big three were grilled by Congress over their request.
With all that, it's only NOW that the UAW have announced they would "consider" making concessions.
The three auto makers were able to come up with a plan for Congress in less than three weeks time, following their disastrous committee presentation.
I think Congress should send the entire group back to Detroit to complete a comprehensive plan, including the UAW's identified concessions.
Until the UAW is willing to offer a concrete plan, Congress shouldn't feel any compulsion to respond.
Let's review:
- For the past five years, the major domestic automakers have been hemorrhaging money and market share.
- The UAW has had a seat at the board table of each of these firms during that period.
- The UAW has been well aware of the damaging effects of their compensation package to the survivability of the GM, Ford and Chrysler.
- The UAW sat at the same committee table, where the Big three were grilled by Congress over their request.
With all that, it's only NOW that the UAW have announced they would "consider" making concessions.
The three auto makers were able to come up with a plan for Congress in less than three weeks time, following their disastrous committee presentation.
I think Congress should send the entire group back to Detroit to complete a comprehensive plan, including the UAW's identified concessions.
Until the UAW is willing to offer a concrete plan, Congress shouldn't feel any compulsion to respond.
RIGHT ON TARGET!
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I just watched all 6 hours of the Senate Banking Committee hearings and I have to say that Senator Bob Corker is fantastic. He made Gettelfinger and his UAW look like the elephant in the room and questioned him to the point that he looked like a cat on a hot tin roof. Not too mention Corker basically asked why the taxpayers should bailout Chrysler when Cerberus who owns 80% of them, and has money to spare, will not give their own subsidiary a bailout. The CEO of Chrysler looked like he was sweating bullets when Corker grilled him about Cerberus.
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