Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (438382)	12/5/2008 10:41:09 AM
From: i-node	Read Replies (1) \| Respond to of 1574005

If we throw X number of auto workers out of jobs, on top of what's already happening, we are likely to turn a recession into a depression. I'm not sure that's true, but nobody is talking about doing that. The question is whether the government should bail them out or they ought to go into Chapter 11. These are the choices before us and neither would result in throwing all the autoworkers on the street. They are, however, going to have to begin move away from the automakers and find employment elsewhere, as the UAW's existence is obviously coming to an end, and GM can run its auto plants easily on 1/3 less people if the UAW is out of the picture. The cost of government services for the auto workers and the 800,000 retired workers and dependents will likely exceed the bailout loans by 5X. Please tell me why I, as a taxpayer, should be responsible for paying these peoples' retirement? I'd rather that money go toward MY OWN retirement. Most Americans feel the same way. No domestic auto industry is a national security issue. This I agree with, but this is not one of the threats we face. The trade balance is likely to become even more tenuous without auto exports. Once again, nobody is suggesting the slightest reduction in auto exports. I'm not sure where you're getting these absurd ideas. How many ex-auto workers will face home foreclosure? Exaggerating an already acute problem. The auto industry isn't about to close down. Most of the workers still have their jobs. Ultimately, if the unions are curtailed by the bankruptcy court, some will have to find work elsewhere. That's a good thing. The problems are legacy costs... the foreign auto makers manufacturing in the US would probably have close to the same problem if they were producing here for the last 50 years. Sigh. The $30 Billion in legacy costs have already been accrued. Duh.