Posted by
raymondr612001 on Monday, November 17, 2008 12:42:55 AM
11-17-08
This week, a "Lame Duck" session of Congress will debate the issue of whether or not Ford, GM and Chrysler will get $50 BILLION of our taxpayer dollars to keep them from going out of business and sending the USA into an economic apocalypse First AIG insurance, then the mortgage industry. Now this. Frankly I'd rather see them all go Chapter 11 and file for bankruptcy. The problem is that would certainly make matters worse (if that were at all possible). The way I see it, we are all going to get hit on this one. But it doesn't mean we cannot have our say as to how this bailout is run. This is going to have to be a three-way deal between the "Big-3", the United Auto Workers (UAW) and the Federal government representing the taxpayers, who must foot this bill.
From the "Big-3":
1) All three Chief Executive Officers: Rick Waggoner (GM), Allan Mullaly (Ford ) and Robert Nardelli (Chrysler) must take full responsibility for the entire disaster and resign their posts without further compensation...NO GOLDEN PARACHUTES!!!!
2) NO MORE LAYOFFS!!! NO MORE OUTSOURCING!!! American-based production facilities that were shut down in favor of offshore operations must be re-opened and their employees recalled. All offshore operations must be closed permanently and sold off . Bring these jobs back.
3) Representatives of the Government and the UAW must be seated on the boards of directors to oversee the spending of bailout funds and to vote the proxies of both the rank and file and the taxpaying "Investors". Think of this as a form of taxpayer/employee co-ownership. As such, we as "Investors" should be entitled to shares of stock. Preferred stock for auto workers and common stock for the rest of us.
4) This one will hurt. No more SUVs. Automakers will have to commit to producing vehicles subject to higher fuel economy and environmental standards. We could see the revival of the Ford Pinto or a Chrysler version of the Gremlin.
From the U.S. Government:
1) Demand that Ford, GM and Chrysler present their books for a full-scale audit by the IRS.
2) Adopt a "Carrot and stick" approach regarding hiring employees, Tax credits for creating jobs in the United States and tax penalties for layoffs.
3) Guarantee retiree benefits. Most auto workers have worked their whole adult lives in one car plant the benefits they have were hard earned and fought for at the negotiating table. Pension and medical benefits must be protected as part of any bailout deal.
4) Whenever I see footage of foreign cars being driven off cargo ships, I know another American auto worker loses his/her job. Their access to our market needs to restricted so as to give our industry a chance to recover. Foreign car makers like Toyota and Nissan as well as Mercedes Benz and BMW must commit to the goal of 100% domestic content in their vehicles sold here. That means buying more engines, transmissions and other parts from domestic suppliers as well as opening full-scale production plants on American soil. More production plants means more jobs. It's just that simple. Otherwise, higher tariffs and other restrictions should be established including a ban on importing assembled vehicles (to require they be assembled in U.S. facilities).
From the UAW:
1) Labor peace for the duration of the bailout, NO STRIKES!!!
2) Wage and benefit concessions in exchange for job security. Any givebacks would be offset by stock in the respective companies.
3) The adversarial relationship between management and labor must end. Automakers and the UAW must enter into genuine partnerships for the survival of the American auto industry.
UAW President Ron Gettelfinger has made it clear the union will not make any more concessions. Perhaps he needs to reconsider his decision. Standing your ground is one thing. The problem is he is standing in quicksand. His stubborn refusal to face reality will cost hundreds of thousands of Americans their jobs.
This is OUR money being used. We as taxpayers and now investors have a right to demand accountability from the Auto Industry, Government and Labor....OUR MONEY!!!
"Enough Said!"