19 December 2008

21.5 billion taxpayer dollars

CAW says... "Well... it's a start"...

Based on one-fifth share of vehicle production, a Canadian package would translate into $4.16-billion (Canadian) in short-term, emergency loans.

Canadian Auto Workers president Ken Lewenza applauded the package, but described the attached concessions as “pretty tough.”

Mr. Lewenza said the money promised by the Bush administration is enough to get General Motors Corp. and Chrysler LLC through the first quarter of 2009, but the industry still needs “some long-term stability.”
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FROM THE COMMENTS:
"The Detroit three UAW/CAW must be desperate for new cash donors, they were hovering like vultures as we were going home to our families after work Thursday."

"I said to the Vulture as he attempted to hand me his propaganda, 'Your union has sure helped you out ... helped you right out of a job'."
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9 comments:

Anonymous said...

Outgoing President Bush caved into the auto companies and their powerful, greedy unions’ bailout demand by agreeing to squander billions of taxpayers’ dollars. He thereby avoided dealing with their wretched predicament by kicking it down the road for the next, even more liberal, interventionist president to deal with.

Two auto companies received a $17.5 billion loan today with many, many more billions doubtlessly coming from Obama, Harper and McGuinty next spring/summer before the US and Canadian governments run out of money. At that time our leftist leaders will finally recognize that the industry requires re-structuring via an orderly, pre-packaged bankruptcy. Of course, by that time the billions of tax dollars will have been emaciated.

The most insane clause of this pathetic covenant is the non-binding “targets” cuts pursuant to UAW/CAW auto workers’ wage, benefits and legacy costs. If our leaders had to agree to this bridge to eventual bankruptcy, they should have negotiated an immediate binding resolutions pursuant to these issues.

The unions are already calling this an “unfair agreement”, and why not, they know that they have a far-left very, very union friendly new president coming in January? The CAW also knows that Canada’s left of center big spending PM and premier will always cave to their demands as ordered. They will demand, and get an absolute and unconditional re-write of this agreement that will allow them to maintain their preposterously high, unsustainable wages. This agreement should have been based on the “Corker Amendment” that was debated in the US Senate. The UAW?CAW should be given two, and only two, options: immediate wage parity with the non-union auto makers, or instantaneous bankruptcy.

The really poignant situation for Canadian taxpayers is the depressing fact that out big spending, fiscally liberal Prime Minister and Ontario premier have agreed, without knowing the pitifully deplorable terms of the agreement, to plummet the country/province into an industrial and job slaughtering deficit that will result in a lower standard of living. Is there another shoe to drop, or are we economically barefoot; which industry is going to step up to the plate for billions of dollars next?

And we were dense enough to think we had elected a fiscal, social and/or judicial conservative PM!

Anonymous said...

What an idiot, I mean what about all the other industries in the history of the world that went under? It is always the auto unions that get bailed out. We know that the pols are only buying time here, time until they are gone and somebody else will have to face the problems or luck strikes and the problems go away for several years. This has been the on-going plan for the auto industry in North America now for decades. Will anybody have the guts to do the right thing? (real conservative)

Gary said...

I am disgusted - with the bailout money, the government and the CAW. Let the companies restructure under Court protection. Save what is useful. Dump the rest. How many years will it take our children and grandchildren to pay off the debt created to pay off incompetent companies and the greedy unions?

Neo Conservative said...

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"gary says... Save what is useful."

oh, this first 20 billion isn't about saving anything... ask the caw... it just buys 3 months of breathing room...

"Mr. Lewenza said the money promised by the Bush administration is enough to get General Motors Corp. and Chrysler LLC through the first quarter of 2009."

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Anonymous said...

Details..please.
I understand these are loans, and I heard on CBC there are 'stipulations'.
This is not a handout.
Please...does anyone have it interpreted?

blluetech

Thucydides said...

I will never, ever buy a vehicle from the "Big Three" again, and I suggest we all join together and transmit this message to the automakers and the politicians who have conspired to steal our money and destroy taxpayers wealth.

Neo Conservative said...

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honda and toyota both build good quality cars right here in ontario.

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Rural and Right said...

Thanks Neo, I am a proud employee of Honda of Canada, we have amazing teamwork and spirit at Honda and I believe it contributes to the high quality of our vehicles. The Detroit three UAW/CAW must be desperate for new cash donors, they were hovering like vultures as we were going home to our families after work Thursday. I said to the Vulture as he attempted to hand me his propaganda "Your union has sure helped you out ... helped you right out of a job."

Neo Conservative said...

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General Motors, like the other two geezers of the Old Three, is a vast retirement home with a small loss-making auto subsidiary.

The UAW is the AARP in an Edsel: It has three times as many retirees and widows as “workers”. GM has 96,000 employees but provides health benefits to a million people.


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