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Buffett: Automakers Need Bailout Or Bankruptcy
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"Buffett says any automaker bailout package should include a business solution, and be negotiated by the president"
Well, you will have to wait until Obama gets into office Warren since parleying with Bush is like engaging in a dialogue with a ten year old (no insults to kids intended, but you get my point).
The other thing that bothers me about that is that it effectively makes the president treat the chiefs of the Big Three, who have failed their companies, their workers and the country, equivalent to heads of state, which is also absurd.
As usual Buffett is Right:
On December 9 the Executives need to demonstrate at minimum the following:
1. Auto Executives must show cost cutting plan that also allows for producing New Green Cars.
2. Executives (not just top management) making over $250,000 must take a 20+% pay reduction.
3. Workers must be willing to take a 5% Good Faith reduction in the short term until the new contract.
4. Show at least THREE NEW Models ready to be produced that exceed the MPG standard.
5. Have a cost and revenue flow that shows they will be able to survive for one year.
If they can satisfactorily provide evidence then Congress and Bush should pass a Bailout Plan.
Bailout or bankruptcy? No duh!
Bailout: The American taxpayer (sucker) is forced to subsidize an industry that American consumers have stated (by not buying its cars) that it does want to help out. If Americans do not buy American cars, through their free will, why should they be forced to pay for all the major screw ups commited over the course of the last two-decades by these car builders and inept management?
Bankruptcy: Will allow a restructuring of the companies and teach them some "tough love" about building good cars. You don't see Japan bailing out Toyota or Honda.
get rid of the unions