Black Monday - Bright Tuesday

[Todd Covini]

http://money.cnn.com/2009/04/27/autos/pontiac_obit/

[jeffburch]

GM pulled the plug?????????
Me thinks it was someone else.
jb

[AI#97]

This has been talked about for months.

Hummer, Saab and Saturn are next.

If Osama was so Pro-american car companies, he would put a 15% tariff on all imports ASAFP... It would drive the foriegn companies to build more cars here AND get americans to buy more American Cars.

I have been traveling around a lot in "small town america" lately and there isn't ONE foriegn car in these towns....nearest stealerships are in BIG towns like OKC, Dallas or Midland... cheap foriegn shit is ruining this country.

[BSharp]

This has been talked about for months.

Hummer, Saab and Saturn are next.

If Osama was so Pro-american car companies, he would put a 15% tariff on all imports ASAFP... It would drive the foriegn companies to build more cars here AND get americans to buy more American Cars.

I have been traveling around a lot in "small town america" lately and there isn't ONE foriegn car in these towns....nearest stealerships are in BIG towns like OKC, Dallas or Midland... cheap foriegn shit is ruining this country.

So the Big Three's shortsightedness, building crappy cars for decades, relying too heavily on truck and SUV sales and the UAW unions high pay had noting to do with it? A good portion of "imports" are builn in the US. Taxing US built imports will not work, punish the non-UAW US workers is not the answer.

[David Love AI27]

I heard that Buick was a very popular brand in China so GM is keeping the Buick brand... I didn't even know they built Buick any more....

[AI#97]

So the Big Three's shortsightedness, building crappy cars for decades, relying too heavily on truck and SUV sales and the UAW unions high pay had noting to do with it? A good portion of "imports" are builn in the US. Taxing US built imports will not work, punish the non-UAW US workers is not the answer.

Tariff implying non US built vehicles only. As for the UAW comments...haven't gotten rid of those 2 Million registered voters for 50 years of bitchin' and there isn't anyone with the balls to toss em' on their ass. They ain't going anywhere IF the doors stay open....pointless to bitch about them as part of the problem. You need to look at solutions that make politicians look good for saying them or you aren't going to get anything pushed through. Welcome to the state of Obamunism. Got at least 3 years and 260 days left of this shit.

[marshall_mosty]

If Osama was so Pro-american car companies, he would put a 15% tariff on all imports ASAFP... It would drive the foriegn companies to build more cars here...
My Accord was build here in the US with 75% US made/assembled parts...

[ShadowBolt]

Got at least 3 years and 260 days left of this shit.

Ain't it a bitch! Tax and spend is not enought for this A$$wipe. He wants universal healthcare, Cap and Trade (wait for that one folks!) and control of the census so only Dems can get elected. Give me a national sales tax and two term limits and most of our problems will go away.


JJ

[Fbody383]

Got at least 3 years and 260 days left of this shit.

Cap and Trade (wait for that one folks!)

You only think you've seen expensive gas and electricity...


and control of the census

My answer to the 2010 Census will be 4.

That's it; no names, no SSN, no income, no job information, nothing.
Worst case $500 fine - already have it set aside.

[Todd Covini]

Wall Street Journal

APRIL 27, 2009
Chrysler, UAW Amend Labor Pact to Cut Costs
If Debt Reduction Follows, a Deal With Fiat Is Within Reach
By JOHN D. STOLL and JEFF BENNETT

DETROIT -- Chrysler LLC has reached an agreement with the United Auto Workers union to cut the company's labor costs, a key victory for the auto maker in its battle to avoid filing for bankruptcy protection.

Chrysler still has to hammer out a debt-reduction deal with banks and other secured lenders, and has until May 1 to do so. The U.S. Treasury, which has kept Chrysler afloat with more than $4 billion in bailout loans, has given the company until the end of the month to restructure its labor costs, reduce its debt and finalize a planned alliance with Italy's Fiat SpA.

Fiat, which has been positioning itself as a potential equity-alliance partner with Chrysler had demanded that the UAW make significant concessions before agreeing to a deal. The Treasury Department, which has pumped $4.5 billion into the auto maker, also demanded union givebacks.

Fiat officials could not immediately be reached for comment. A Treasury spokeswoman declined to comment on the deal.

News of the labor deal is likely to increase pressure on the lenders as the deadline looms. On Friday, the banks softened their stance in the negotiations, offering to trim the $6.9 billion that Chrysler owes them down to $3.75 billion. Previously they had offered only to cut the debt down to $4.5 billion.

The largest bank-debt holders are J.P. Morgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley. The four hold about $4.3 billion of the debt, said people familiar with the matter.

The deal with the UAW, announced by the union and Chrysler late Sunday, was agreed to by the Treasury, the union said. The agreement would alter the terms of its 2007 labor contract, the union said, without releasing details. It hopes to have the changes ratified by Chrysler's UAW workforce by April 29.

"As a result [of the deal], Chrysler LLC can continue to pursue a partnership with Fiat," said Chrysler's chief bargainer, Al Iacobelli, in a statement. "The provisional agreement provides the framework needed to ensure manufacturing competitiveness and helps to meet the guidelines set forth by the U.S. Treasury Department."

The UAW called the deal a "concessionary agreement" that was painful, but meets the Obama administration's tough demands.

"We recognize this has been a long ordeal for active and retired auto workers, and a time of great uncertainty," UAW President Ron Gettelfinger said in a news release. "The patience, resolve and determination of UAW members in these difficult times is extraordinary, and has made it possible for us to reach the agreement we will present to our membership."

The UAW pact was announced shortly after Chrysler cemented a separate cost-cutting deal with the Canadian Auto Workers union.

CAW members on Sunday ratified the agreement, 87% voting in favor. The deal is expected to save Chrysler about C$240 million (US$198 million) annually. The hourly labor cost of Chrysler's 8,000 unionized Canadian workers will be cut by about C$19 (US$16) an hour.

The agreement includes the elimination of the C$1,700 Christmas bonus, a reduction in health-care benefits and flexibility in work rules that will allow temporary people and suppliers to work in Canadian assembly plants. The two sides will also work to create a trust fund that will cover retiree health care. There will be no reduction in CAW base pay, but Chrysler will eliminate its third-shift at the Windsor, Ontario, minivan plant later this year due to declining sales.

In February, the government rejected the recovery plan Chrysler put forth, saying the auto maker could not survive as a stand-alone company.

Terms of the labor deal are likely to emerge on Monday when the union starts presenting the details to its membership. The agreement is believed to include about a 50% reduction in the amount of cash Chrysler owes a $10 billion health-care fund that was set up in 2007. The auto maker is also expected to have won at least hundreds of dollars in per-car labor savings from the UAW.

The UAW will likely get cash and equity in Chrysler in exchange for its concessions. A deal with Chrysler is a steppingstone toward avoiding bankruptcy protection, according to a person familiar with the matter. Still, "a lot of work remains in order to get the good case scenario."

[cobra132]

My sons G8 was built in Australia and my dads F250 was built in Mexico. So much for buying american. FMR

[Al Fernandez]

Regardless of where the final product is assembled and where the parts themselves were made...the earnings go to the parent company. 8)

[jeffburch]

Regardless of where the final product is assembled and where the parts themselves were made...the earnings go to the parent company. 8)

That's what I keep telling the owners of these Texas Tundras assembled with something like 85% imported parts.
Your check goes to Tokyo.

jb

[AI#97]

The agreement includes the elimination of the C$1,700 Christmas bonus, a reduction in health-care benefits and flexibility in work rules that will allow temporary people and suppliers to work in Canadian assembly plants. The two sides will also work to create a trust fund that will cover retiree health care. There will be no reduction in CAW base pay, but Chrysler will eliminate its third-shift at the Windsor, Ontario, minivan plant later this year due to declining sales.



wait a minute....Canada has socialized health care....why does Chrysler also pay CAW workers health care benefits? So it takes private and tax money to support that system?! Crazy Canadians!!! :roll:

[BlueFirePony]

So it takes private and tax money to support that system?! Crazy Canadians!!! :roll:
Too late to say "don't get me started".....That's what Canadians have been trying to tell Americans for over a decade...socialized medicine DOES NOT WORK. Taxation and subsidies ALWAYS have a more profound effect than the direct "stimulus" and legislators are frankly not smart enough (or patient enough) to figure out the dynamics. In Canada's case, taxation has peaked on the top 10% so there is no more money to pay for the programs...in fact its been that way for over 20 years. So about two decades ago they started pinching the other side of the equation more by reducing payments to practioners forcing many to quit or go to the USA resulting in a shortage of quality practitioners. Over time that just resulted in longer waits, worse care, etc. Most Canadians that can afford it have had some form of private health plan for 20 years. Some of the western provinces (mainly Alberta) had a tax surplus in the late 70's, early 80's and they provided additional health care to their citizens so I actually grew up during a time when it was at its best...and it still sucked and then that all dried up ('cause remember, they did not fix the taxation side of the equation).

[michaelmosty]

Eh?

[BlueFirePony]

Eh?
hoser ;)

[Todd Covini]

Marshall....Isn't Celine Dion from Canada?

[Al Fernandez]

Alright, who's got a copy of Strange Brew?

[AllZWay]

Alright, who's got a copy of Strange Brew?

Take off ehh!

No copy of the movie, but definitely a classic.

[marshall_mosty]

Marshall....Isn't Celine Dion from Canada?



Céline Marie Claudette Dion (born March 30, 1968 in Charlemagne, Quebec) is a Canadian pop singer, occasional songwriter and actress. Born to a large, impoverished family, Dion emerged as a teen star in the French-speaking world after her manager and future husband René Angélil mortgaged his home to finance her first record. In 1990, she released the anglophone album Unison, establishing herself as a viable pop artist in North America and other English-speaking areas of the world.

Dion had first gained international recognition in the 1980s by winning both the 1982 Yamaha World Popular Song Festival and the 1988 Eurovision Song Contest. Following a series of French albums in the early 1980s, she signed on to Sony Records in 1986. During the 1990s, with the help of Angélil, she achieved worldwide success with several English and French albums, becoming one of the most successful artists in pop music history. However, in 1999 at the height of her success, Dion announced a temporary retirement from entertainment in order to start a family and spend time with her husband, who had been diagnosed with cancer. She returned to the music scene in 2002 and signed a three-year (later extended to almost five years) contract to perform nightly in a five-star theatrical show at the Colosseum at Caesars Palace, Las Vegas.

Dion's music has been influenced by genres ranging from rock and R&B to gospel and classical. While her releases have often received mixed critical reception, she is renowned for her technically skilled and powerful vocals. In 2004, after surpassing 175 million in album sales worldwide, she was presented with the Chopard Diamond Award at the World Music Awards for becoming the best selling female artist of all time. In April 2007 Sony BMG announced that Celine Dion had sold over 200 million albums worldwide.

[AI#97]

[quote=Todd Covini]Marshall....Isn't Celine Dion from Canada?



Céline Marie Claudette Dion (born March 30, 1968 in Charlemagne, Quebec) i]

Now I have even more reason to hate her because she has 4 friggin' names! Damn I hate that crap.