16 billion bail out=job loss

[deejeff442]

help me understand this
obama gives over 16 billion to gm and the only thing the money has done is create 23,000 layoffs.
what did they use the cash for?
obama's plan is working great.

 

[bigarn]

I'm not sticking up for them, but this is how bad off they are. They're trying to avoid bankruptcy and of course the American worker pays the price.

 

[aquaknight]

Because instead of 23,000 jobs, it would be 1.1 million jobs if GM completely folded...( every GM employee)

 

[stdreb27]

Originally Posted by AquaKnight
http:///forum/post/3029327

Because instead of 23,000 jobs, it would be 1.1 million jobs if GM completely folded...( every GM employee)
This is simply not true. Companies have been through bankruptcy without completely folding several times.

 

[sickboy]

Originally Posted by stdreb27
http:///forum/post/3029636
This is simply not true. Companies have been through bankruptcy without completely folding several times.
Yes, it is true, but ask the pilots how they like their pensions after the airlines filed....
Avoiding bankruptcy is preferable to filing, even if it is Ch. 11 (as opposed to 7), but I'm not sure the gov't spending is what is keeping the jobs.
If GM could file Ch. 11 and keep older worker's pensions intact, but eliminate younger workers pension it would be for the best. Like if there was a graduated scale, where say a 60 year old got 100%, at 40 year old worker 60%, a 30 year old work 30%, etc. You may say that is not fair to the younger worker, but if they file Ch. 11, ALL of them will take at least a 50% cut, so I think it would be a preferable alternative.
Also, I prefer filing bankruptcy over GM's recent plans to give Washington shares for the debt.

 

[jtt]

totally off topic, sorry but hey sickboy, your avatar is freakin sweet!

 

[deejeff442]

for one i think the new camaro is going to save gm's butt.
if the company files for bankruptcy the union will lose all its power ,they will have to take what is offered.
all the bailout did was buy time .

 

[shaded light]

dont worry everyone, obama will fix everything!
in fact, i say, we should all go buy american cars and houses and not pay for them, because he will bail us out!

 

[stdreb27]

Originally Posted by sickboy
http:///forum/post/3029643
Yes, it is true, but ask the pilots how they like their pensions after the airlines filed....
Avoiding bankruptcy is preferable to filing, even if it is Ch. 11 (as opposed to 7), but I'm not sure the gov't spending is what is keeping the jobs.
If GM could file Ch. 11 and keep older worker's pensions intact, but eliminate younger workers pension it would be for the best. Like if there was a graduated scale, where say a 60 year old got 100%, at 40 year old worker 60%, a 30 year old work 30%, etc. You may say that is not fair to the younger worker, but if they file Ch. 11, ALL of them will take at least a 50% cut, so I think it would be a preferable alternative.
Also, I prefer filing bankruptcy over GM's recent plans to give Washington shares for the debt.
well yeah, but I was addressing the misconception proposed that bankrupsy would have closed GM.
Originally Posted by deejeff442
http:///forum/post/3029692
for one i think the new camaro is going to save gm's butt.
if the company files for bankruptcy the union will lose all its power ,they will have to take what is offered.
all the bailout did was buy time .
The bailout allowed the government to take control of GM and give that power to the UAW.

 

[deejeff442]

what would be the point to file bankruptcy if the gov. owns most of the company ?
the gov. will just keep giving bailout money .