How about the thread title be - IMO automakers will get their bailout. So many useless threads on ET and this a perfect example. No, there is no bailout (yet). But thread title is very misleading.
Im listening to these 3 ceos talk, they sound even more pathetic then they did just a week ago. They are just begging for this money. I say let them FAIL, why are we throwing money at worthless companies. LET THEM FAIL.
Let those greedy bastards FAIL. As early as 2005, GM was losing $2,331 on every car it sold. Toyota Motor Corp was making more than $1,400 on its sales, according to the Harbour Report. GM's average hourly wage was $73 an hour. Toyota's was $48. GM was spending nearly $1,600 in healthcare costs for every car sold, compared to $201 for Toyota. GM paid their CEO $15.7M in 2007, raising his salary by 64% as the company suffered a net loss of $39B that same year. Toyota paid their CEO $903K in 2007, while net profit increased to $13.67B that same year.
All true, yet completely irrelevant. Incompetent bankers with bloated salaries get bailed out, so do the auto makers. Simple as that! Whatever shortcomings the automakers have, the banks have it ten fold. Whatever wrongs the automakers have done, the banks have done worse a hundred fold. If the automakers deserve an ass kicking, the bankers deserve to be burned at the stake.
Those who do nothing and get paid for $80 per hour sitting in the job bank, amazing! Please keep track of those who vote bail out these fat pigs, make sure they will not get re-elected.