approved

http://money.cnn.com/2008/12/19/news...ion=2008121909

 

Band-aid on a bullet wound.

 

Dont they know tampons work better

 

That's more of a Band-Aid on a hatchet wound.

 

Tis just a flesh wound

 

Viable by Mar 31, 09? What's the gov't definition of "viable"?

 

I'm thinking that just means "significant changes" being made, to the point where they will not need further assistance.

 

How are they going to do that without the UAW's cooperation, though?

 

Not exactly good news. If anything, quite the opposite. But this might put more pressure on UAW to lower wages. Canada will also follow suit and provide the Canadian divisions with funds.

Wonder how the markets will respond...maybe a little improvement?

 

GM is currently up $.63 (17%)

 

Aren't their wages in line with the foreign companies? I thought it was their legacy costs that were screwing them.

 

The only way GM has even a sliver of a chance over the long term is by bankruptcy. The problem then will be convincing the public it's safe to buy from them.

Not at all in line. It's significantly higher wages, crazy health care coverage, ridiculous labor rules allowing workers to still receive most of their pay when they're not needed for work... plus legacy costs.

 

In the same thread over in the auto news forum, I mentioned that I wondered how the union would react, and what the story will be on March 31. The union will either have a tough pill to swallow, or GM and Chrysler assets will be on the auction block.

 

I know all of their other costs are high, but I thought actual wages were similar.

 

I'm pretty certain the actual hourly wage, and total compensation (wages and benefits) for new employees is pretty much the same as the foriegn manufacturers here in the US. If you decide to add in the pension and healthcare for the retired workers, that's where the gap exists between the domestic and foriegn auto workers.