Wednesday, November 19, 2008

On the bailout

Legacy costs. You know what those are, right? Pensions. The pensioners are screwed. It's just a matter of how much, or how soon. Just like the rest of us. That's our money they're talking about. Not the Gummint's money. Ours.

From everything I'm reading, GM is heading into Chapter 11 proceedings. The only question is will they go bankrupt before or after Pelosi hands them a pile of cash? When the bankruptcy begins, the automakers will be able to re-negotiate lots of things that are dragging them down, including pension plans. Figure pennies on the dollar. It's going to suck to be a GM pensioner. I hate it for those guys. They worked their whole lives on a contract and now the partnership of bad management and the UAW is dragging the company down the hole. There goes retirement.

I hate it for the automakers, because Ford and whoever owns Chrysler, ain't far behind. However, this may be the death-knell for the United Auto Workers. Imagine that, Pelosi presiding over the death of organized labor. Oh, the ironing.

This is like watching a train wreck.

3 comments:

Kilgor said...

Ironing? Irony?

Old NFO said...

TO me the irony is the UAW got those $75/hr floor sweepers, with 20 year retirements at 50% pay, which meant they made roughly 3 times what I made as a Naval Officer per year... RIP suckers, you get no sympathy from me!

Pawpaw said...

Kilgore. It's a play on words.