Poolman's Account Talk

[350zCommTech]

http://uk.youtube.com/watch?v=_DgraUoeDBg

Good afternoon poolman,

I asked about the legality of using the TARP for GM/Chrysler yesterday. I think the White House was just stalling. The bond market seems to have thought the same and drove yields back down, despite the market rallying to neutral.

The market finished up because the Fed bought $3B in agency garbage. That is $8B in two weeks. Where is the money coming from?

 

[poolman]

Good afternoon poolman,

I asked about the legality of using the TARP for GM/Chrysler yesterday. I think the White House was just stalling. The bond market seems to have thought the same and drove yields back down, despite the market rallying to neutral.

The market finished up because the Fed bought $3B in agency garbage. That is $8B in two weeks. Where is the money coming from?

IMO, The Market's are looking for a good outcome for the Big3. Congress was not really pressed from Wal - Street Friday to do anything Fast. Market Futures looked very Bad before the market opened Friday Morning. Emotion's where running High but eventually subsided as the day went on.

I'm pretty P'Ohed about the UAW not willing to budge on a Pay decrease knowing the situation of their very own job's being in jeopardy. Unless the UAW does something on this wage concession I don't think they should get a Bailout. They are playing Russian Roulette knowing that the Big3 cannot FAIL.

Printing presses are running as we speak, I guarantee it. This is Absurd.

 

[350zCommTech]

I'm pretty P'Ohed about the UAW not willing to budge on a Pay decrease knowing the situation of their very own job's being in jeopardy. Unless the UAW does something on this wage concession I don't think they should get a Bailout. They are playing Russian Roulette knowing that the Big3 cannot FAIL.

Printing presses are running as we speak, I guarantee it. This is Absurd.

Yup, it's sad, really. I understand that nobody wants a pay cut, but if faced with no pay vs. a 50% pay cut, I would choose a 50% pay cut.

 

[poolman]

Yup, it's sad, really. I understand that nobody wants a pay cut, but if faced with no pay vs. a 50% pay cut, I would choose a 50% pay cut.

From what I heard the union worker's making $30.00 and some cent's where asked take a decrease down to $28.00 and some cent's. And they said NO to that. This does not even include the Fact that they have excellent Health Insurance and Pension Benefit's.

Absolutely Ridiculous, I'm Sorry but I'm Pissed.

The Big3 Employee's are being paid on average 20% more than any other Car Maker Employees. Hey it's the American way. :blink:

 

[350zCommTech]

From what I heard the union worker's making $30.00 and some cent's where asked take a decrease down to $28.00 and some cent's. And they said NO to that. This does not even include the Fact that they have excellent Health Insurance and Pension Benefit's.

Absolutely Ridiculous, I'm Sorry but I'm Pissed.

The Big3 Employee's are being paid on average 20% more than any other Car Maker Employees. Hey it's the American way. :blink:

They said no to a $2 pay cut? That doesn't make any sense to me. These companies are on the practically bankrupt. A $2 pay cut won't do squat. Could it have been $20?

I though I had read that the cut included other stuff and it was equivalent to a 50% cut. I could be wrong. Need to go do some research.

 

[poolman]

Still looking for the Dollar and Cent's part Vid.

http://uk.youtube.com/watch?v=Q9Sfy8P40KU

 

[Warrenlm]

IIRC, UAW was asked to set a date in 2009 by when they would be "competitive" with the transplants, as certified by the then Secretary of Labor. Their current compensation at $73/hr, including $30/hr wages, runs to 2011 and compares to transplants total of $48/hr (?), including $28/hr wages. It was reported that UAW had an agreement with the White House their concessions would not start until 2011 when their contract runs out. So, the argument is not about $2/hr but rather a big change in benefits and work rules (that job bank thing) within a year.

 

[poolman]

IIRC, UAW was asked to set a date in 2009 by when they would be "competitive" with the transplants, as certified by the then Secretary of Labor. Their current compensation at $73/hr, including $30/hr wages, runs to 2011 and compares to transplants total of $48/hr (?), including $28/hr wages. It was reported that UAW had an agreement with the White House their concessions would not start until 2011 when their contract runs out. So, the argument is not about $2/hr but rather a big change in benefits and work rules (that job bank thing) within a year.

Warrenlm,

You are right. I don't know where I heard what I said about reduction in pay. Might have been a doom and gloom vid. I recant what I said on an exact pay reduction.

http://uk.youtube.com/watch?v=Q9Sfy8P40KU

 

[Show-me]

I heard that the Republican southerners wanted language that would lower their wages to those at Toyota, Honda, and Nissan. They used the word "competitive".

All that aside I am a union member, a former steward/director, and I recognize that many times the Union takes things to far. That said, the UAW worker have given concessions and if I was the Union rep. and they wanted us to have a more competitive wage in the language. I would have stood up and told them that we would negotiate a more competitive wage for labor as soon as every single Executive, Board Member, and Manager agreed to a salary that would not exceed the salary of the highest paid civil servants base salary that is in the room.

Wait for it........................................BAHAHAHAHAH!:laugh::blink:

 

[poolman]

I heard that the Republican southerners wanted language that would lower their wages to those at Toyota, Honda, and Nissan. They used the word "competitive".

All that aside I am a union member, a former steward/director, and I recognize that many times the Union takes things to far. That said, the UAW worker have given concessions and if I was the Union rep. and they wanted us to have a more competitive wage in the language. I would have stood up and told them that we would negotiate a more competitive wage for labor as soon as every single Executive, Board Member, and Manager agreed to a salary that would not exceed the salary of the highest paid civil servants base salary that is in the room.

Wait for it........................................BAHAHAHAHAH!:laugh::blink:

There is no time for Concessions or really Negotiation. Congress Say's you quote these Auto Maker's Pay then do it now.

UAW said different. They would work on it.

Bah Humbug... Let M' Fail..... And sorry for all the Loved ones....

UAW-VS-Congress

Congress has to Cave... It's Sad... :blink:

 

[poolman]

http://uk.youtube.com/watch?v=iOEcXpmvEkc

 

[350zCommTech]

By Jun 09, will car sales return to normal? The recession is already a year long. Will the housing market rebound by then? Nov. sales sucked and Christmas sales are already sucking. What ever happened to the "low gas prices will drive Christmas sales" idea? What about the all the store closings all layoffs come January? How will that help car and retail sales? I'm not trying to be doom and gloom here. Just asking questions.

The automakers are burning $2B/month, right?

 

[poolman]

By Jun 09, will car sales return to normal? The recession is already a year long. Will the housing market rebound by then? Nov. sales sucked and Christmas sales are already sucking. What ever happened to the "low gas prices will drive Christmas sales" idea? What about the all the store closings all layoffs come January? How will that help car and retail sales? I'm not trying to be doom and gloom here. Just asking questions.

The automakers are burning $2B/month, right?

Every Problem right now is Feeding on Each other. Thing's IMO are still getting worse. Bank's are shoring up their Balance sheet's instead of Loaning out the Money which was the purpose for the 850 Billion Dollar Bailout, although only 350 Billion has been disbursed.

I am trying to anticipate what Obama is going to do once he gets into office. This is the Worst Job that somebody could ever get. What a nightmare. Sound's like the Economy is going to get another Big Stimulus. I can't wait to find out the Details.

Bush, I'm sure cannot wait to get out of office. His opinion pole looks Horrible. He has to know it. He, IMO has let the Economy go to Hell In A Hand Basket..

 

[350zCommTech]

Every Problem right now is Feeding on Each other. Thing's IMO are still getting worse. Bank's are shoring up their Balance sheet's instead of Loaning out the Money which was the purpose for the 850 Billion Dollar Bailout, although only 350 Billion has been disbursed.

I am trying to anticipate what Obama is going to do once he gets into office. This is the Worst Job that somebody could ever get. What a nightmare. Sound's like the Economy is going to get another Big Stimulus. I can't wait to find out the Details.

Bush, I'm sure cannot wait to get out of office. His opinion pole looks Horrible. He has to know it. He, IMO has let the Economy go to Hell In A Hand Basket..

Since Congress and the people were lied to about the "$850B+ Economic Rescue Plan($700B Hank Paulson plan)", perhaps Obama can repeal it and also call back some of the money.

Yeah, I hear you. January can't come fast enough. Obama appears to be a smart guy and I hope he has a real plan. Although, I have my doubts.

Bush will probably go down as the dumbest president ever. His support for Hank's bailout plan was icing on the cake.

 

[Birchtree]

One can only hope that any collateral damage from the Illinois fiasco is minimal.

 

[350zCommTech]

One can only hope that any collateral damage from the Illinois fiasco is minimal.

Can you imagine an arrest of Obama during the inauguration. The markets would sell off 10% or more.:nuts:

 

[Corepuncher]

Can you imagine an arrest of Obama during the inauguration. The markets would sell off 10% or more.:nuts:

I would say "or more"

 

[Show-me]

I agree to let them fail but I also believe the people have spoken and the majority are the labor folks side. The real problem is Congress, always has been. They opened Pandora's box by bailing out the lenders against public opinion, both foreign and domestic to the tune of $2 trillion plus and growing. What is a lousy $100 billion compared to over $2 trillion?

I see it as a terrible double standard and nothing more than a attempt to squeeze the little guy again.

It is a mess and if they deny funds to the auto industry they should cut off everyone. They say they are drawing a line in the sand, but keep moving the line. All these people in Washington are crooks and you mark my words they will close ranks to protect their golden nest eggs and make the taxpayers pay out the ass.

 

[CountryBoy]

I agree to let them fail but I also believe the people have spoken and the majority are the labor folks side. The real problem is Congress, always has been. They opened Pandora's box by bailing out the lenders against public opinion, both foreign and domestic to the tune of $2 trillion plus and growing. What is a lousy $100 billion compared to over $2 trillion?

I see it as a terrible double standard and nothing more than a attempt to squeeze the little guy again.

It is a mess and if they deny funds to the auto industry they should cut off everyone. They say they are drawing a line in the sand, but keep moving the line. All these people in Washington are crooks and you mark my words they will close ranks to protect their golden nest eggs and make the taxpayers pay out the ass.

I've been against all the bailouts from the beginning and so has every poll from the American people. I'm sick and fricking tired of rewarding failure and all we are doing is pushing out the final market fall. We'll pay for all this bailout money, or our children will. No more bailouts and BHO is going to continue driving this runaway train to socialism.

We've been lied to from the very beginning and ya'll know darn well, whose going to foot the bill ... us. Good luck paying for your kids education, unless your poor, or the possiblity of our children having any kind of quality of life. It's all downhill from here.

CB

 

[Show-me]

I completely agree. They should have never started the ball rolling and the crook politicians went against public opinion, overwhelming public opinion, and gave them the money anyways.

The pols did what they wanted to do instead of representing the voice of the people. Democracy is broken.