Originally Posted by
ItsJustMe
There are a lot of blue collar auto workers where I live. Our neighbor was absolutely scandalized a few years ago when they suggested that she might have to pay for some part of her full-ride health insurance (it was like $50/month), and perhaps have a deductible.
She and her spouse and their families and friends have been auto workers for so long that I had a hard time convincing her that what they were asking them to downgrade to was still way the hell better than most other people got. They just take full blown, free health insurance for granted.
This goes to what I was saying about OEM's being nurtured in their home markets. Toyota and BMW do not pay for health care of their workers in their home markets.
You want to talk about a political mistake? The Big Three joined the lobbying against 'Hillarycare' in 1994. They actively campaigned to not have literally hundreds of billions of dollars in long term obligations taken off their hands.
I would say that Chrysler is doomed. They cause the least ripples when they fail, they have the least favorable product line going forward and the political opposition to bailing out private equity firm billionaires will be huge. Let Chrysler fail.
Ford is easy. They can almost make it without help if the recession ends by summer. Stand by with short term loans and guarantees and see Ford through.
GM is the middle tough call. The will not see spring without cash. The also can survive on the other side if they are seen through this current downswing. That is what we are talking about really, loans to see them across the recession until they can remake themselves into what they always knew they would eventually need to be.