To stay afloat, GM said, it would cut an additional 47,000 jobs this year, reduce half of its vehicle brands in the U.S. and cut the number of models it sells by a quarter. Chrysler said it would eliminate 3,000 employees, cut production by 100,000 units and kill three models.
To accomplish all that, GM said it would need up to $30 billion in loans by 2011, including the $13.4 billion it already had received. Chrysler said it would need a total of $9 billion, including $4 billion it received in early January.
Let’s see if I have this straight. The automakers want more taxpayer money to stay afloat, and in return they faithfully promise to put taxpayers on the street. And people on the street don’t pay taxes, they don’t contribute to the economy; they certainly don’t buy cars.
I think it’s time for corporate America to stop eating its own to stay fat. The taxes of America’s workers should not go to buy such a lavish dinner, when the menu is cannibalism.
February 19, 2009 at 1:13 am |
All those years of selling Hummers and monster SUVs, while they watched the world run out of fuel. I say, fuck ‘em. Except of course they’re too big to fail, and their failure means loss of jobs for the workers who, after all, built the cars the companies demanded.
I don’t envy Obama his job. What would you do, Kyle?
February 19, 2009 at 9:56 am |
In exchange for receiving public money, the companies have to:
- Retool for fuel efficient vehicles only.
- Set all company salaries at a common denominator (everybody there makes the same money.)
- Eliminate all perks.
- Offer zero APR incentive to everyone who trades in a gas guzzler for recycling.
February 19, 2009 at 9:59 am |
I forgot:
Rehire everybody they laid off.
And the union has to agree to accept $25/hour + major medical and two weeks vacation.
And everybody has to hold the line until the company is back in the black.