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View Diary: The $70-Per-Hour Lie (353 comments)

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  •  I agree (1+ / 0-)
    Recommended by:
    fcvaguy

    That's why bankruptcy is the way to go -- It gives government what it needs to take full control.

    •  Chapter 11 will work (0+ / 0-)

      With 2 ifs:

      1. The government takes over pension liability
      1. Serious renegotation of union agreements.
      •  Nope (0+ / 0-)
        1. The government, (*you and me) is already responsible fo pension liability.
        1. Renogiation of agreements meaning what exactly? If they (ownership) can ask for 25 billion in short term cash, we can ask for the corpse-aration responsibility for worker agreements.

        -7.5 -7.28, What's a guy gotta do to get impeached around here?

        by Blueslide on Fri Nov 21, 2008 at 10:22:28 PM PST

        [ Parent ]

        •  Nope (0+ / 0-)

          Read up on Pension Benefit Guaranty Corporation and what happens to pensions when a company goes bankrupt. Pensioneers aren't exactly made whole.

          Your second point is interesting. In exchange for the $25B, you would have the government preserve existing union agreements? How long do you think it would be before Hyundai/Alabama and Toyota/Tennessee completely bury GM and Ford and leave the government with $25B in worthless stock? And what will you do with all those autoworkers in Michigan? Pay to relocate them to TN and AL?

          •  I see... (0+ / 0-)

            ...so the cost to government and our society for destitute pensioneers is only the loss written off by the PBGC? See that's exactly the problem with capitalists. If they don't actually write a check, then there is no money involved and no other costs. Wrong.

            As for your part 2, don't look now but the stock is already worthless. We need to save GM, Ford and Chrysler by eliminating the top heaviness of the companies. We also need to provide single payer healthcare so foreign based companies do not have such a huge competitve advantage over domestic companies.

            -7.5 -7.28, What's a guy gotta do to get impeached around here?

            by Blueslide on Sat Nov 22, 2008 at 06:58:14 PM PST

            [ Parent ]

    •  They didsuch a great job with AMTRAC and NASA (0+ / 0-)

      No one could seriously want the U.S. government to start manufacturing automobiles!

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