GM Bailout collapses !!! wow !!!

Quote from yshuman:

hey guys...just my two cents, but instead of insulting each other and arguing about points that dont lead anywhere maybe we could focus our discussions of news items on how we could profit from them...again just my two cents im just sick of all the pointless arguments
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:D Indeed! Buy F as they'll be the only one to survive this mess which will give them increased market share. Toyota has more to the downside as their sales are dropping too. Regardless of any money given to auto makers, sales will be slow until credit/confidence comes back. That'll take months.
While steel makers have had a bit of a bounce their Q4 will be horrible. AK Steel and USX will get hit hard all next year with diminished sales in galvanized and big iron for commercial construction as well.
 
Quote from GTS:

Wow, I thought you were just trolling but apparently you really are that stupid.

Here's let me explain it to you real slowly:

Each worker on average costs GM $73/hour.

The average worker does not receive a wages of $73/hour, part of the $73 is wages, the rest is benefits.

Just like the post that you love to quote clearly says.

Seriously, this isn't rocket-science, did you parents drop you on your head as child or something?
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Apparently to you.. it is rocket science because you don't understand.

Most of those extra costs are legacy. In other words pensions for people who are gone, not the guy on the line. The guy on the line is NOT making 73 an hour including his benefits.
 
Quote from Illum:

Apparently to you.. it is rocket science because you don't understand.

Most of those extra costs are legacy. In other words pensions for people who are gone, not the guy on the line. The guy on the line is NOT making 73 an hour including his benefits.
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Really? Are you sure its me that doesn't understand.

Read what I quoted, here it is again, slimmed down:

UAW workers are highly paid, but not all this compensation comes as cash wages. Breaking the $73.26 figure down, General Motors reports that it pays base wages of roughly $30 an hour.
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Earned Benefits

The remaining $33.58 an hour of hourly labor costs that GM reports--46 percent of total compensation--was paid as benefits. These benefits include:

* Hospital, surgical, and prescription drug benefits;
* Dental and vision benefits;
* Group life insurance;
* Disability benefits;
* Supplemental Unemployment Benefits (SUB);
* Pension payments to workers pensions accounts to be paid out at retirement;
* Unemployment compensation; and
* Payroll taxes (employer's share).
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Excludes Legacy Costs

The hourly benefit figures the Detroit automakers report covers the cost of current and future benefits earned by actively working employees. It does not include the cost of paying health benefits and pensions to current retirees.
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Now what were you saying about who does and does not understand? Want to stick that foot in your mouth a little further?
 
Lumping in 'their costs' into their hourly wages is an absurd tact to hyper exagerate,manipulate thier actual wages.Its basic misrepresentation of their wages to generate outrage for anti union PR.Even though its full of chit it works for fanning the flames of idiots like yourself and kudlow who scream bloody murder and 'high school drop outs making 75$ an hour-even more than a plumber,lawyer' blah,bla,bla.

Why dont you and the freemarket losers (who deconstructed and ruined this economy) that made up that fabulous bar chart include in the pay of rick wagoner, the tens or hundreds of billions that his executive decisions have cost the company and taxpayer???(or for that matter the ceo's of aig,c,bsc,wm etc...).

Hint:it will be more than 73$ an hour... at least the grunts have produced a tangible asset of some value.
 
If workers at on-shore transplants (Toyota, Honda, etc) have their pension/healthcare costs covered by Mr. Taxpayer, whereas GM retirees are (at least in theory) self-funding a superior plan, it is not valid to simply compare labor costs between transplants and GM/F.
 
The Bush administration will consider other options, to prevent a collapse of troubled automakers Chrysler and General Motors. Are they finally getting a piece of Uncle Sam’s cake? Obama insists also so there are plenty of advocates for the 3 big, or should I say 2 for a while?
 
That picture is stunning. Stunning.

Now that the parasitic UAW has killed off its hosts, it's lobbying government to get rid of the charade and force taxpayers to provide its members with the lifestyle to which its members have become accustomed. Unfortunately our government has the power to do that.
 
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