[quote=Rt.66]“30 and out” used to be the norm Allen, when the American dream was alive and well; you have not stumbled onto the missing link, the holy grail to saving your rep on Piggington. The military was 20 or 25 and out (still may be?) GE, Boeing, Raytheon etc., it’s not a car maker phenomenon.
America used to be about a strong vibrant middle class. And yes it was sustainable, but not without good manufacturing jobs and FAIR trade.
BS FIRE economy, make busy jobs selling each other our houses and loans while smart countries gobbled up the real jobs, the manufacturing jobs, does not a healthy society make. All the nation’s money in Goldman Sucks and its employee’s hands is not what America should be about.
We get it Allen, you are supposed to be smart so taking a trouncing does not sit well with you, so you sulk away to regroup and come back for another go.
I’m not obligated.[/quote]
Scarlet: Still conflating and still wrong (which was my point all along).
Okay, let’s talk aerospace, since this is an industry I know quite a bit about and it’s a perfect counterpoint to your (INCORRECT) argument about union/labor policies and American auto manufacturing. The major aerospace players got very hard hit during the defense drawdown and the end of the Cold War. However, many did survive and are prospering. In terms of their labor arrangements, do you know the key element in all of the survivors? The unions WORKED with aerospace management to preserve the jobs through renegotiated CBAs, adjusted hours contracts, etc.
In the case of GM, the unions and organized labor did no such thing. As a matter of fact, they engaged in a high-speed game of chicken with GM management that virtually ensured destruction.
The one point that you cannot deny is that GM entered BK. Period. However you try to dress it up as being due to predatory trading practices or unfair tax breaks (which I don’t deny contributed), the fact is that GM had a massive liability tail associated with their LABOR POLICIES, along with colossal unfunded pension liabilities and it became impossible to sustain profitable operations. No profitable operations meant a downgrading of their credit rating, which translated to an inability to borrow or secure lending and then oblivion. Do I have any of that wrong?
What was the single largest liability GM erased in BK? Do you know the answer to this one? I think you do. Do you want to answer that question for everyone here? You know if you do, all of your arguments collapse in on themselves and you have to admit that organized labor was a huge contributor to the problem. Along with GM’s management, they caused GM’s demise. Those are the facts. End of story.
