Tuesday, May 05, 2009
Posted by:
John Campbell
at
12:17 PM
Given my 25 years in the car dealership business, of which most of you are aware, I can't let this week go by without commenting on last week's Chapter 11 bankruptcy filing by Chrysler Corporation. What the Obama Administration is doing with the American car industry saddens me. No, it actually angers me. In fact, I am fired up big time. It has become abundantly clear that the only objective of the Obama task force is to put control of GM and Chrysler in the hands of the UAW union and wipe out anyone who had invested any capital in either of these companies. What’s more, he is using taxpayer money to subsidize the union's takeover of these companies. Here are some of my observations on what it going on:
Under the Obama plan; the government, UAW, and government-controlled banks will own 95% of GM. They will own 80% of Chrysler. The existing stockholders get 1% of GM and 0% of Chrysler. The bondholders (who are not government controlled banks) get 4% of GM and 0% of Chrysler. The remaining 20% of Chrysler will be owned by Fiat, more on this topic tommorrow...
Love the fact that the executives who ran the auto companies into the ground and failed big time get a free pass.
It goes without saying that while Toyota and Nissan are also seeing sales decline in the 30 percent they are not going belly up.
But I guess if one hates unions it is easy enough to blame everything in life on unions.
Of course then if that's the case one is left trying to explain GM and Chrysler's ability to ever exist since they always been union.
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...owned by the proletariat. Now where have I heard that before? |
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Then he'll explain how the decades long decline in the U.S. auto industry is all Obama's fault. Lookin' forward to hearing that one. |
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community organizer who NEVER worked a day in his life! This socialist hates this country with the same passion as Georgie Soros! Hopefully 2010 can re-shape the mess he's gotten us into or generations to come will pay the piper with cardboard cars that fall apart on command!
Dave try for some critical thinking! If you can, take a gander at the GM union contracts! Exactly what did the UAW give-up? Now the taxpayers are going to be stuck funding the perks for these hardworking guys and gals! |
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Where did you learn how to make sense? You might want to return for a refresher course.
Toyota and Nissan, which are NON-UNION, are not going belly-up even though they may see sales decline, while GM and Chrysler, which are UNION, are filing for bankruptcy. And you make the case that isn't a good reason to at least look at the role that union contracts have played in making Detroit car companies non-competitive.
I'll grant that the management of the Big Three were basically fat, dumb and happy in the 1970's, assuming that no one would challenge their position in the industry. The unions were right there with them, and refused (or dragged their feet) to make concessions when times got tough. To say that unions played no role is idiotic. |
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i just read that chavez has done the exact thing that obamba is doing, taking over everything. how did we let this happen? how can we stop it? i just pray that there are enough votes, come 2010 to stop this madness. |
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BUY FORD, BUY FORD, don't ever buy a GM or Chrysler product, ever. I have never bought a FORD in my life, but that is all i will ever buy from now on. FORD is in a great position, because they can build cars, TRUCKS, and SUV's, that people want and will buy. Meanwhile, GM and Chrysler, will be saddled with the government built, UAW, go-carts, death traps, that only the leftist, (man made global warming hoaxsters) minority(30%)will buy. FORD is set to wipe them out. Obama, UAW motors, Edsel, and Yugo, all synonymous with failure. Buy FORD stock.... |
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...Ranger two weeks ago, Cotton. Who wants to go fishing? |
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"Obama, UAW motors, Edsel, and Yugo, all synonymous with failure. Buy FORD stock...."
Edsel was Ford, you know. |
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I really hope this gets tested all the way to the SC. This type of disregard for Constitutional Law,from a lawyer no less, is what will break this country apart.
Maybe he has been reading that book Chavez gave him? Banana Republic here we come...
Vamp. It has nothing to do with hating the unions. Unfortunately for BO it has everything to do with loving them and oweing them for all that money he took, and for his Socialist view of the world. That however doesn't trump the law.
Starting to remind me of Nixon..."because when the President does it, its not breaking the law!" Ahh, the self-destructive powers of an unhealthy "self." |
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