Quote:
Originally Posted by roachboy
so overnight the senate deal on a short-term bailout/loan for the "big 3" collapsed.
it seems there are a few main explanations, but the main one is: the senate republicans are playing chicken with the automobile industry because they want to use this to fuck over the uaw.
...
but i am amazed that the right's desire to use this to fuck over the uaw would result in this...
|
After watching Frontline (on PBS) episode about retirement, I think that they want to do the same thing that United Airlines did in 2003.
FRONTLINE: can you afford to retire? | PBS
Have the big 3 declare bankruptcy, make them spend hundreds of millions in legal fees and restructuring management, cut or eliminate pensions and benefits, have the workers work for 30% less (because if they don't then the company will die), and switch the cost of benefits from the employer to the worker (401k/health). The private banks would provide the loans, but get superpriority in recouping their losses if they did fail, and would get fees and interest as well. United Airlines is still around today, but they were forced to trim down in order to compete with the smaller low-cost upstarts, instead of regulating that the low cost upstart airlines had to have pensions, healthcare, and other worker compensation. I'm sure there are a few retail stores (K-Mart, Target, Sears) that would want to get bailouted too because of what Wal-Mart's worker compensation policies are.