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Originally Posted by Tsar
Ok, well where are the top industries now as far as the profitability goes? And the better question, I think, has the automotive sector become more profitable than 1.1 cents of a dollar?
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No, but financials sure aint that big.
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Profit is profit, I care about money.
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If you want profit, go pump oil.
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So wait, before you were saying that this recent Big 3 "crysis" has been due to the financial sector crap-out. Well what happened the other 7.5 years? The business has been failing for 8 years and now they want our money to keep themselves aflot? What is gonna change when they get their money (I do not doubt that they will get it)? Will they turn profit next year? No. Year after that? probably not, WHEN?? Kepping a business that has been in a slump for nearly a decade is...well poor business practice, but we have been over this part.
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One of the major factors into the recent total loss of funds is the crapping out of the financial area, yes. On both buying the cars, and loaning the money to move foward with large programs.
Im gunna have to check, but GM posted a profit several times over the past 8 years, just not a tremendus amount.
What is gunna change is what they have been doing for the past 3years now. Shaking 100 year old traditions dont happen over night, you cannot turn around a ship this big that fast. THIS IS AMERICA'S PROBLEM!!! In this microwaveable world, they want to see them make a profit with a small drop in the bucket.
GM has made moves to cut its structual costs 9 billion dollars over the last year, and come 2010, will jump another 20 billion. When will it be profitable? When the dollar can be maniuplated against the Euro and we can dump thousands of cars in Europe or any other country's currency.
GM and Ford have both made MAJOR moves while making everyone happy and while they werent making money hand over fist like oil companies or financials, they werent ****ing the people that bought thier products or services.
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Oh didn't you say that it was going to cost us "only" 25 billion? What happened to that "factoid"? it's up to 34 now, How much more will they need after they WASTE 34 billion?
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I dunno, maybe you should ask AIG what they did with teh first 50 billion. Or where any of the trillion bucks went to stabilizing the financial industry? Oh yeah, buy other banks.
Ford wants access to a low intrested loan for 9 billion dollars
GM wants an infusion of 10 billion for the next few months, with a revolving credit of 4 billion
Chrysler wants 7 billion, but IMO they should get nothing.
If I was The Big 3. I would have marched in and came up with a much more agressive plan.
**** the jets, **** the dollar a year, **** all that.
100 billion dollars, Chrysler is absorbed into GM and Ford.
35 Billion into each Ford and GM.
Both GM and Ford get a 10 billion dollar infusion from each of their 35b.
The other 25 billion would be available in low intrest loans from the goverment in a revolving loan.
With the 10 billion, that should get GM and Ford to an even point and keep moving foward as the economy tries to rebount.
Then each 25 billion could be used to fund, destroy, or develop new products.
The other 30 billion dollars would go to the UAW's VEBA fund for both GM and Ford, helping to reduce IMMEDIATLY the costs on the automakers for legacy costs, etc etc. UAW would also have to increase its current input into VEBA as well on top of cutting things like job bank, etc etc which will reduce the total cost for VEBA.