It's going to be interesting to see how long our friends in the financial industry and (most likely) the auto industry can restrain themselves from pissing and moaning about meddling government regulation after being on the receiving end of unprecedented public generosity. If the rescue of Chrysler in the late 1970s is good precedent, I'd say a few years.
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Max.
pmayo says:
Since someone brought up outsourcing in the last thread, I was thinking "what's our return?" In short, what does the government, and, by extension (hahahaha, see I'm trusting that taxpayers actually benefit) the taxpayer get back in return for bailing out the Big 3? I say the government makes this loan contingent on the cessation of outsourcing, or, at the very least, some outsourcing. Force automakers to bring back those jobs. We give you the money, you repatriate the jobs. It makes the union happy, it makes the taxpayer happy, and it makes the auto exec pay for his rampant greed and stupidity.
Kulkuri says:
The thing I don't understand is that if the cost of medical insurance is more than the cost of steel per car, why hasn't the Big 3 pushed for universal health?? That is the reason the work is going to Canada (heartbeat of America, Camaro is built there) and Mexico where they also have universal health. The studies I've seen show that it would cost less for Big Business to pay into a universal health system than what they are paying now for medical insurance. The insurance companies must have one helluva lobby!! Wait, was I talking socialized medicine, that's bad, crony Kapitalism is good!!
j says:
@ pmayo
I don't know if preventing outsourcing would be beneficial; actually I fear that it might backfire. On the one hand you would be giving them a help to right the sinking ship and on the other hand you would be handicapping them from using any and all tools possible to get things moving in the direction of profitability.
Perhaps a better way to get the execs to put their back into their work is to tie their pay directly and completely to the company's success. If GM loses 1% market share then Wagoner forfeits 50% of his salary.