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Posted by mannyc on Thursday, April 30, 2009 at 16:30:01 :
In Reply to: What was the other option??? posted by Eric B. on Thursday, April 30, 2009 at 15:45:14 :
the other alternative is to have let the market decide. chrysler was lost as an american company a long time ago yet we kept dumping money into it. NO government assistance should have been provided. if the company failed, other market players would fill the breach, buy the good parts of the brand and discard the bad. they could have divested themselves of their debt - financial and union. no different than if a small business went out except that the union had a lot of power. the whole concept of health care for life and pension for life is outdated. many people can make cars as evidenced by the rest of the world doing it without a union a pension or a promise. workers should be paid a fair wage that they can take or leave without promise of a secure future. auto union employees should have to save a portion of their salary for healthcare, retirement, education, just like anyone else. it makes me livid that the unions who are supposed to provide pension liability insurance fail to do so and then the rest of us have to pick up the tab. same with the pilots. they made over 150k per year and when the airlines went bust, the govt picked up the unfunded pension liability. i cant understand why it is generally accepted as OK that the evil bondholders have to give up their claims, but the union is sacrosanct.
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