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What Have We Done For You Lately?

By Rougman, Section News
Posted on Mon Mar 21, 2011 at 02:51:29 PM EST
Tags: Bailout, UAW, GM, Chrysler, Ford (all tags)

Less than two years ago, the American taxpayers bailed out two of Michigan's largest employers. Years of poor management, a belligerent labor force, and aggressive foreign competitors who were willing to listen to the consumer drove once proud GM and Chrysler into a tailspin.

Mark Steyn at the time correctly called GM a company that provided health care and retirement benefits to hundreds of thousands of policy holders while also happening to make cars on the side. They were doomed.

But, guess who stepped up to the plate (though some of us quite reluctantly?)

The taxpayers borrowed billions of dollars from the Chinese to bail out Chrysler, GM, and the UAW. While many private investors had their investments illegally wiped out in favor of propping up underfunded union pension plans, the UAW walked out of the ensuing mushroom cloud carrying a new and significant ownership stake in the salvaged companies--now viable in the marketplace with its more manageable salary and benefits packages. (An infusion of borrowed billions into corporate coffers didn't hurt either.)

But, after a couple of years, the UAW natives are once again restless. Recent profits at GM and Ford (who received no bailout) and only modest losses at Chrysler seem to have wiped out the memories of the union brass who are now clambering for a return of salaries and benefits to levels that helped sink the Big Three to begin with.

After a decade of contracts filled with concessions to save the Detroit Three -- such as plant closures, diversion of performance bonuses to cover health care costs, loss of some holidays and suspension of cost-of-living increases -- frustrated workers are eager to regain what they've lost.
They see the automakers earning billions and executives cashing in on the profits. Last year, Ford earned $6.6 billion and General Motors earned $4.7 billion. Chrysler still lost $652 million but made an operating profit and is projected to be in the black this year.
"In 2009, when we adopted some modifications, there were a number of things that were suspended. ... Hopefully those will be back on the table and restored," said Jeff Manning, president of UAW Local 31, which represents GM workers at the Fairfax assembly plant in Kansas.

A word of caution to the UAW.

The taxpayers are largely aware that the biggest losers in the auto bailouts were the taxpayers themselves.

The rank and file were able to keep their jobs. They retained most of their benefits. They are now working for vastly more stable companies. Their union owns a stake in now profitable companies.

None of that seems to matter much. Sadly, the message has been lost.

And, it drives me crazy.

Hey, (bangs head against wall) aren't you paying attention? We are the ones that bailed you out. Sure, you anted up quite a bit too but, it was your job being saved, dumbass, not mine!

Go ahead and hint at a strike. Make a fist and carry a sign. Work up a couple of new catchy slogans too for all I care.

But, don't think for one minute that I won't be able to figure out who you are protesting against.

< Monday Sphere | 'Bout Damn Time >

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What Have We Done For You Lately? | 6 comments (6 topical, 0 hidden)

Don't forget GE (none / 0) (#1)
by Corinthian Scales on Mon Mar 21, 2011 at 03:58:33 PM EST

And, straight out of Atlas Shrugged...

Recently, President Obama selected General Electric CEO Jeffrey Immelt to chair his Economic Advisory Board. GE is awash in windmills waiting to be subsidized so they can provide unreliable, expensive power.
Consequently, and soon after his appointment, Immelt announced that GE will buy 50,000 Volts in the next two years, or half the total produced. Assuming the corporation qualifies for the same tax credit, we (you and me) just shelled out $375,000,000 to a company to buy cars that no one else wants so that GM will not tank and produce even more cars that no one wants. And this guy is the chair of Obama's Economic Advisory Board?

Thank God that the Democrats are breaking Americas dependency on foreign oil and moving us to that expensive green energy. Oh, wait!

Screw John Galt. Where the hell is Hank Rearden?

One of my favorite parts by JGillman, 03/21/2011 09:50:41 PM EST (none / 0)

I saw (none / 0) (#2)
by grannynanny on Mon Mar 21, 2011 at 04:27:40 PM EST

an article a couple months ago on Drudge and for the life of me could not find the link to it again. But essentially the article stated that GM and Chrysler would fall right back into it's old habits and in five years would be back at the govt. feed pile for another bailout. All due to bad management and caving to unions. Once they see the $$$ - it's all over. Just like the govt. they spend it before they get. No saving for a rainy day. The writer was especially hard on the management - hiring people who have no idea how to build a good car - like the Asians do - all of their leaders are engineering guys - not finance guys.

It was a great article - wish I would have saved it though. It was written by a car guy for a car mag too.

But .. but .. but... (none / 0) (#3)
by Corinthian Scales on Mon Mar 21, 2011 at 04:32:36 PM EST

"Aren't we the ones that bailed (none / 0) (#4)
by RushLake on Mon Mar 21, 2011 at 05:43:08 PM EST

you out?" Of course we are. What you may not know is that a significant number of the noble "workers", like many members of marxist organizations, don't see their first loyalty as being to the country or fellow citizens. They see their first loyalty as that owed to the UAW and it's nomenklatura and they stand ready to do it's/their bidding. Most people don't think of the union as Bob King or Barack Obama (yes, he is) or one of the big name goombahs. They think of the union as being that nice guy Joe down the street with the two nice kids or Eddie across the street who worked everyday for 30 years and is a good friend and neighbor. There are Joes and Eddies, but somehow the means needs to be found to highlight that camoclad goon that was caught on video at the capitol the other day with the Snyder/Hitler poster. He's the real face of the union, no matter what union. He is the guy who slashes tires in the parking lot when a brother or sister doesn't toe the union line. He's the guy who shows up at the local on election day and discourages people from voting that might vote against the appropriate head goons. He doesn't give a damn who bailed his job out. He thinks Adam Smith is a local brew. He doesn't care that Rick Snyder's knees turn to jelly when it's suggested that he isn't asking enough of the union goons.

Never again (none / 0) (#6)
by bearb319 on Tue Mar 22, 2011 at 04:10:09 PM EST

I will never buy a GM or Chrysler product and I encourage all my kids to look at other brands.

What Have We Done For You Lately? | 6 comments (6 topical, 0 hidden)

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