GM Bailout collapses !!! wow !!!

Discussion in 'Trading' started by NY_HOOD, Dec 11, 2008.

  1. WASHINGTON – 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.
     
  2. sumosam

    sumosam

    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.
     
  3. Rex84

    Rex84

    meh, they will come to a compromise. Worse comes to worse it comes out of the TARP
     
  4. i will be going short big-time pre-market - on the Qs and Spyders.

    Good luck gentlemen - this could be ROUGH.


    hammer
     
  5. tradersboredom

    tradersboredom Guest

    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.


     
  6. tradersboredom

    tradersboredom Guest

    hedge funds and UAW milked the cow dry and killed th golden goose



     
  7. 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.
     
  8. 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. :D

    Don't worry folks.

    This isn't the end of American Cars or Autos.
     
  9. 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 ...
     
  10. thedewar

    thedewar

    Wow how stupid is the UAW?

    Weigh your options

    High wages with no company to provide wages < A company to provide wages
     
    #10     Dec 11, 2008