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Me#1You#10
Site Admin
Joined: 06 May 2004
Posts: 6503
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 Posted: Thu Nov 13, 2008 2:00 pm Post subject: Killing the GM goose |
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Larry Kudlow with some sobering statistics...
| Quote: | Paulson’s Rescue-Plan Adjustments (Better than Obama’s) [Larry Kudlow]
Here’s a stat from my friend, blogger Mark Perry: Total compensation per hour for the big-three carmakers is $73.20. That’s a 52 percent differential from Toyota’s (Detroit South) $48 compensation (wages + health and retirement benefits). In fact, the oversized UAW-driven pay package for Detroit is 132 percent higher than that of the entire manufacturing sector of the U.S., which comes in at $31.59.
I don’t care how much money Congress throws at GM. With that kind of oversized comp-package they are not gonna be competitive. It’s throwin’ bad money after a bad cause. What a way to start the new Obama era.
I would still argue that rescuing banks and consumer credit companies removes systemic risk from our lending system. But the only thing systemic about the GM bailout is the hegemony of the UAW. Or maybe I should be more cynical: Republican socialism followed by more Democratic socialism.
The Corner - cont'd |
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dusty
Admiral
Joined: 27 Aug 2004
Posts: 1264
Location: East Texas
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| Posted: Thu Nov 20, 2008 3:54 pm Post subject: |
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Chapter 11 and throw out the current UAW contracts. Re-organize, downsize and restructure. Same as the airline industry has been doing for years and staying in business because of it.
Of course the Democrats are trying their best to pay the Unions back for delivering all those votes this last election. This is so thinly veiled a vote buy off that it begs for prosecution.
We just bought a new (2007) Jeep for the Unlimited Lifetime Drivetrain Warranty and I'm sure if they go under that is out the window so I'm thinking of writing Speaker Pelosi and seeing if I can get a bailout on the deal. She seems to be an easy touch.
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