I've been watching the bail out hearing for the auto industry.

[INdemo]

It seems to me that all three CEO's just dont have a real plan..So far all I've heard is the 25 billion will pay off creditors and pay for pension expenses' with little left over for development. The CEO's of Ford and GM just don't seem to be qualified for their positions..They are greenhorns to the auto industry. I get the impression that they haven't sold the idea yet and won't. So I look for a NO vote.

[kansasblue]

1. interesting. With out knowing much about the current conditions I was for the bailout

but that would be a very good thing to ask. 'where are you going from here?' 'you got in a mess and you want 25 billion but what will keep you from losing this $$$$'.

Not like they hadn't seen this before with Chrysler.

[MichiganVote]

2. I live in Michigan and even I have to agree. Which does not mean

that I want the problem of this important industry ignored. They just don't get it. They think a 'new set of wheels' means improving the credit market so people will buy their cars. I say they lack civic and business leadership in this very necessary industry. They keep looking at this with 1960's eyes.

[daninthemoon]

3. those ceo's just don't have a plan. they should have started making

fuel efficient and alternative fuel cars decades ago, but they didn't. Congress needs to figure out how to help the workers, but those companies have to rise or sink on their own. I would rather see those plants bought up by another countries auto industry than bailout the current companies that just refuse to adapt to the times. the economy is already getting a good shaking out, and this is just going to be part of it. let's rip the bandaid off all at once and get it over with.

[sandyj999]

4. I don't think they do get it.

And this morning in my Detroit paper what were they featuring but the NEW 2010 Mustang. Do they really think most of us care? I am more concerned about what will happen to this area than any damn new Mustang?

[valerief]

5. They'll use the money to buy more credit swap shit, cuz that's what those asshats do.

Treasury rapists.

[amandabeech]

6. I watched a lot of it. I agree with you on GM, but the Ford guy seemed to be on the ball.

But that may be because I've read more about what's going on at Ford.

Ford has a FULL hybrid SUV, the Escape and its twin the Mercury Mariner, and will bring out a FULL hybrid mid-size auto, the Fusion, in January, provided that they have the $$$ to start producing it in December--they've already re-tooled for it.

They're maximizing the mileage that they can get from the autos with the existing technology.

They're bringing to the U.S. at least one Euoropean Ford, the Fiesta, and perhaps the Ka, and they're going to retool to produce some of them in the U.S. They're also trying to sell pretty much the same autos here as they do around the world, and that means producing the Euro model of the Focus and perhaps the Euro mid-size sedan, the Mondeo.

The costs of retooling will be partially paid by the $25 billion special loan program passed as part of the 2007 energy bill. The proceeds of those loans at present cannot be used to cover operating expenses in lieu of private sector loans and commercial paper offerings, but that may change.

All three have extracted concessions from the UAW (and I'm not particularly happy about it), and will hand over their retiree health care obligations to the UAW and money to set up a UAW controlled trust to cover future benefits. This will happen under the contract sometime in 2010.

Mulally admitted, under questioning by Sen. Tester, that Ford hasn't paid enough attention to increasing fuel efficiency in its truck lines, and said that Ford will be looking into that as well.

Chopping executive pay a la Lee Iacocca was discussed. That may happen if there's a bailout.

Ford has a plan, and they've been working it. Mulally said that in the first quarter of this year, they turned a profit. The general economic downturn and credit freeze-up have hurt them tremendously.

Gotta go, but maybe that's some fuel for your thoughts, and googling.

[Waiting For Everyman]

7. Question: what if the money was lent to the workers to buy GM? nt

[amandabeech]

8. It's an extremely interesting question.

I just wonder what Gettelman thinks. Someone at the UAW must be thinking about it considering the extremely low price of GM stock.

[KharmaTrain]

9. Bail Out The Industry, Not These Goons

Yes, it's threading the needle here, but if we're gonna dish out this kinda cash, we should have a say in who gets that money and how they spend it. You could see these execs are clueless and shell-shocked...not only not understanding how their companies could go into the tubes so fast, but little concept as to what direction to head in. If there's any of my tax money going to help this industry, it sure isn't with those shitstains in a position to spend that money. We'll just get bigger cash back on the big gas hogs...subsidizing their mistakes rather using this money to rebuild, retool and reorganize an industry long too big for their own good.

I don't see the love affair we have with three auto companies...as if one goes down or they're broken up into smaller companies that tomorrow everyone in Detroit will go hungry. It's time to think outside the box here...but the panic of the times will mean we open up the cash and then we'll be back with another crisis in 6 months.

[Old Codger]

10. comparisons

Hell compared to what they have thrown away to wall street 25 is a drop in the bucket , give em a chance , a 25B loan and let em try.... We are going to have cars for the foreseeable future, someone is going to make them I would think we are better off if that someone is an American rather than Chinese workers.. We have little manufacturing base left as it is and true fact is they make as good a car as anyone if look at the facts... If they in fact all go away we will be buying cars that are "Made In China" just like most everything else, and the extra cost on top of import fees and shipping from China will make it even worse. Over 3 million more unemployed ? And not just in Michigan .

[Greyhound]

11. Not just the auto industry, but American business in general. We have major players and whole

industries run by people that know nothing of the industry itself. MBAs substituting spreadsheets and data analysis for experience and real-world knowledge has brought about these disasters.

The situation reminds me of the Civil War. Almost all of the generals on both sides were West Point Graduates and many were in the same class, so we had a ossification of strategy and ideas resulting in strategic stalemates requiring unimaginable casualties to make minor gains, basically a war of attrition, due to the lack of innovation on either side as they were all convinced their way was the only way.

[Old Codger]

12. Another thought I have

In my opinion I would think it is to our advantage to keep all 3 of them in play as much as possible, if they were to merge we end up with the same problem we have with others, it would cut competition out and we need competition, if one or two of them disappear prices will rise and wages will fall.