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Latest Comments60 Comments
Detroit Calling Washington's Bluff
The taxpayers were duped by TReasury & Fed for over $700BB, so why wouldn't we expect to continue to be the object of our leaders disdain????
It's called THE MUSHROOM THEORY-----ALIVE & WELL IN CONGRESS!!!!!
IMHO
'Big Three' Auto Makers Looking to Lose Weight
Try going into a bank for a mortgage and telling the loan officer: I am going to improve my skills so I can demand a higher salary; I promise to destroy my credit cards; I won't eat out at restuarants anymore; No more unnecessary clothes and video games and cell phones, etc. No more travel and vacations for 3 years; yadda yadda yadda.............. Just give me the money!
The only problem, the wife and children who make the spending decisions [UNIONS] aren't at the meeting at the bank, and never agreed to anything. NOBODY IS GOING TO MAKE THEM CHANGE!!!!!!!!!!!
ANALOGY????????
Buy, Sell or Hold: GM's Too-Big-to-Fail Myth
If I were the Chairman of the Congressional conference, I would arrange to ask the first question about the UAW's participation. Given the honest answer, I would immediately ADJOURN THE MEETING...........
IMHO
Wall Street Breakfast: Must-Know News
[1] UAW disolves Job Bank with 90 day severance;
[2] UAW agreement effective 2010 -- terms fast forward to 2/1/09;
[3] Dividends suspended until profitable;
[4] Proceeds from sale of car lines used to reduce debt........PERIOD;
[5] Source & Use-of-Funds statement for 2009 w/severe penalties for non-compliance;
[6] BOD's to increase by three goverment appointees of the calibre of Jack Welsh, Ross Perot, Warren Buffett, Kirk Kerkorian's man, etc;
[7] Officers & Senior executives to reduce salarys by same % as UAW 2010 agreement & receive NO BONUS' except for PROFITABILITY;
[8] White collar hiring freeze, and further staff recuctions, until profitable;
NEGOTIABLE ELEMENTS to include downsizing commitments, R&D expenditures, regulations holidays to improve profitability, Debt-for-Equity swaps, UAW Work Rules reduced for efficiencys & Profitability, etc
The tougher & more demanding Congress is the greater the percent of success will be!!!!!!!!
IMHO
Wall Street Breakfast: Must-Know News
will occur when...........
[1] SEC reinstates UPTICK RULE;
[2] Mark-to-Market accounting discontinued;
[3] Sarbanes/Oxley reversed;
[4] Naked Short Sellers prosecuted;
All at ZERO COST to the taxpayer, and $$$$$ Trillions returned to our investment, college & retirement accounts!!!!!!!!!!!!
The question is WHY AREN'T THESE BEING DONE??????????
Has General Motors Earned a Bailout?
These masters students would be unbiased, honest, realistic, analytical, unencumbered, and driven by the need to achieve an A or B GRADE, by GETTING IT RIGHT..............
ASSUMPTION #1 -- Government is loaning "borrowed money" so MUST BE REPAID!!!!!!!!
THINK ABOUT IT..........
Wall Street Breakfast: Must-Know News
[1] If taxpayers have already given CITI $25B and now $20B this weekend [total $45B], please explain how CITI will pay for the "first $29B" in losses?
[2] WHY hasn't Mark-to-Market been rescinded?
[3] WHY hasn't Sarbanes/Oxley been re-written?
[4] WHY hasn't UPTICK RULE been reinstituted by SEC?
[5] WHY does Congress act like THEY HAVE MONEY TO SPEND?
WHY???????????
Wall Street Breakfast: Must-Know News
GM -- Does anyone know the ACTUAL COST TO MAKE A CAR? MSRP is simply the dealers BLUE SMOKE & MIRRORS starting point. The TRUE COST TO MFG a CHEVROLET --VS-- a HONDA/TOYOTA would be very revealing, and would begin to show the real challenge, and possibility of viability, of DETROIT'S BIG THREE................
FWIW
Wall Street Breakfast: Must-Know News
Separate the 3 auto manufacurers into "Individual Entities", each supplying a proposal and business plan for Breakeven & Profitabilty. EACH FIRM will actually be applying for a loan, and be accepted/rejected based upon its own merits.
Congress will then have placed the three in competition with each other, not only for government funds, but for survival. Competition.........wh... a novel idea in an entitlement world of Detroit!
The UAW will have to submit its own plan confirming any/all concessions the auto makers incorporate into their plans, and further commit to reasonable bargaining over the next three-to-five years while the industry recovers..........
Congress will not only effectively have removed the "gun-from-their-h... but can expect detailed input upon which a proper funding decision can be made............ Also, there will be detailed proof that "One-fails--All fails" is BOGUS!!!!!!!!
Amazing -- Congress actually can show the proper Loan Application Process for all to see and copy..............
THINK OUT OF THE BOX FOR TAXPAYERS SAKE!!!!!!!
Wall Street Breakfast: Must-Know News
It's difficult to justifying putting money at risk when the recipients are adamantly & defiantly oppossed to making the "obvious" changes required to the business model.
Managements have a history of wrong decisions and weakness when negotiating with labor unions.
UAW has a history of strong arming & threatening, to gain "unreal" concessions, which are economically non-competitive.
They together have built a monster than cannot be tamed, so the only alternative to their irrational and insane behavior is regrettably to
ALLOW IT TO DESTROY ITSELF...............
The Phoenix rose from the ashes...........so can US auto industry.........
but only with a different paradigm & players............
Einstein defined INSANITY as "doing the same things over and over, then expecting a different result!
Wall Street Breakfast: Must-Know News
[1] Companies to receive 100% tax credits, or current year depreciation writeoffs, for purchase of specific technology products. New PC's, Servers, Video Conferencing, etc..........
[2] Consumers to receive similar incentives for purchases of PC's, Cell phones, TV's, DVD's, etc. aimed directly at product sectors most weakened.
[3] Governments, Federal, State and local are in the stone ages technologically. Federal grants to reimburse purchases at all levels to update security, data bases, applications, etc for better efficiency and productivity.
[4] Professional services are required for the installation, and implementation of most all these, so employment is buoyed.
[5] Other similar ideas can be applied to automobiles, home appliances, HOUSING, etc.
[6] For example, a major incentive for trucking companies to convert their fleets to operate on Liquid Natural Gas, which also saves on oil consumption and helps the environment.
WHERE ARE ALL THE BRILLIANT THINKERS THESE DAYS?????????
Governments only solution seems to be to THROW MONEY ARBITRARILY, WITHOUT SPECIFIC CONDITIONS, AND HOPE FOR THE BEST.............
Wall Street Breakfast: Must-Know News
Now the remaining $350 BILLION won't be used/needed so Paulson is leaving it for the new admin...........TO SPEND AS THEY SEE FIT!!!!!!
NOVEL IDEA: RETURN TO TAXPAYER..........UNSP...
Wall Street Breakfast: Must-Know News
Why hasn't MARK-to-MARKET accounting been rescinded????????
Does our government want to SOLVE THE PROBLEMS or simply THROW MONEY AT THEM?????????
Money = symbol of POWER!!!!!!!!!
INCREDIBLE, as every expert has been saying for months, these changes are MANDATORY!!!!!!!!!!!!!
Wall Street Breakfast: Must-Know News
[1] Rescind SARBANES/OXLEY;
[2] Reverse Mark-to-Market Accounting;
[3] SEC to reinstitute UPTICK RULE;
[4] NAKED SHORTING made ILLEGAL & prosecuted;
[5] CONDITIONS placed on all BAILOUT MONEYS TO ACCOMPLISH DESIRED RESULT IN ECONOMY;
[6] Paulson changed the TARP "completely" by saying, "I DECIDED"!!!!
One has only to wonder WHY, and WHO IS REALLY IN CONTROL of US?
Wall Street Breakfast: Must-Know News
Will the management that created this mess be replaced?
Will the union contracts be changed to "similar to" Toyota/Honda wages/benefits?
Will the unfunded pensions/healthcare benefits disappear?
Will the ongoing Delphi Billions be waived?
Will quality of cars be re-engineered?
Will shoddy QC be ended?
Will sloppy & inefficient work rules be no longer tolerated?
And finally, will consumers buy their cars any more than they have been over the past several years????????
I think we all know the answers:
Management will continue to be rewarded financially..........
Dividends will remain in place and paid..............
Union jobs will continue to be "bought out" @ $150-$250K ..........
Labor costs will remain highest in history for any mfg.............
And finally, the INEVITABLE WILL SIMPLY BE DEFERRED AT THE TAXPAYERS EXPENSE...........
Washington doesn't understand that AMERICA IS BANKRUPT!!!!!!!!!!
Congress just doesn't get it..............