WASHINGTON â A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts. Senate Majority Leader Harry Reid said he was "terribly disappointed" about the demise of an emerging bipartisan deal to rescue Detroit's Big Three.
i could not believe it either, initially. hope chrysler doesn't get bailed out...why should a private company get handouts? those union guys may lose everything. my dad belonged to a union. i remember they went out on a long strike....he wanted to get back to work...it was a hard time...however, we also got alot of perks.
i will be going short big-time pre-market - on the Qs and Spyders. Good luck gentlemen - this could be ROUGH. hammer
GM has been milked dry by the UAW for decades. in the 50s GM was the number company in the country in profits etc. now it's near bankruptcy. and these hedge funds milking investors blind for decades too.
Finally an american auto manufacturer will be able to come into existence with a profitable model. A new era may come. In the meanwhile, watch the USDJPY pair.
Look at this: "The collapse came after bipartisan talks on the auto rescue broke down over GOP demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers." http://news.yahoo.com/s/ap/20081212/ap_on_go_co/congress_autos Those Union boys must be the stupidest bunch on the planet. Wow. Oh well. Lets how the UAW likes UI. Don't worry folks. This isn't the end of American Cars or Autos.
Creative destruction? I am skeptical they will let the whole thing fall apart. I don't wish any misery on anyone, but seriously these greedy UAW folks are about to get served a dish of what they deserve ...
Wow how stupid is the UAW? Weigh your options High wages with no company to provide wages < A company to provide wages