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In the likely event that neither management nor labor will accept these (to them) onerous terms, what do we do then? Let the Big Three file for bankruptcy and hope that Honda or Toyota is feeling generous and buys them up? Even if the Japanese companies do come bargain-hunting, the short term impact on the US economy is still staggering. I wish I knew the answer...but I don't think anyone does at this point.
Originally Posted by loganrbt
Having said that, any use of taxpayer money to assist the auto industry should, IMHO, be focues ONLY on retooling plants and labor skills to produce vehicles that are consistent with the objective of eliminating dependence on foreign oil and should carry three strings; no executive can be paid (total compensation package) more than the President of the local state university (Wayne State); taxpayers get repaid first; and any remaining profits will be re-invested into design and production of vehicles that do not require carbon based fuels nor any other fuel source that contributes to global warming.
Shareholders deserve no special protection; they are the ones who by act of commission or omission allowed these companies to be mismanaged for at least the past three decades.
And labor must accept that current UAW collective bargaining agreements are inconsistent with global competition for labor and must be restructured to more closely align with those in place at non-Big Three auto plants in the U.S.
Larry --------------------------- "To the intelligent man or woman, life appears infinitely mysterious. But the stupid have an answer for every question." - Edward Abbey
