GM reopening two plants thanks to axle shipments from Mexico

[redimpss5]

Wont they cost a bunch more? To ship something that heavy, that many miles a $4.25 a gallon, hmmm, looks like MSRP just went up!

[CaptainDan]

Originally Posted by ZOOMY

Welcome to the hooray for me screw you mentality of our society today. We are all for a cause or helping someone unless it comes out of our pocket, then we'll put people in the streets to save ourselves a dollar.

Now wait a minute. All of us outside the American Axle facility are NOT looking to screw them. The main people screwing the American Axle/ UAW members is themselves. If they are looking to be paid well more than their jobs merit, (meaning that job can, and is, being done elsewhere for significantly less) my not supporting their strike (a strike which screws a LOT more people than just them) isn't a reflection of a bad society, or un-American, or any other such thing. Even if the strikers "win", they lose. If they price American Axle out of the market, they have no job. No wage.

We applaud GM finding another axle source, so all the OTHER employees who are NOT on strike can stop getting screwed by this, and get back to work. We would certainly prefer to see this work coming from a US plant ,but that's where it WAS coming from until "somebody" stopped it.

I fail to see why people support (demand) non-competitive wages/ benefits, when you've GOT to be able to see your company going out of business under such conditions.

I too would like to have a much larger paycheck. Do you think I should tell my boss that I demand more than others in my field because I want it? Because that will somehow improve the country's economy? And if you don't support my quest than you must be un-American, and looking to screw me.

[TOMHONE]

What needs to happen at GM is the switching of jobs between the fat cats in the ivory tower and the actual line workers. Let these arrogant head honchos actually work a days pay. Then at least a $3K cash rebate on ALL GM vehicles for GM is losing big bucks in N. American operations remember? And gas is $3.50 remember? And the 125 days supply of trucks/SUV's is twice the norm remember? HELLLLLOOOOOOO

[gm world]

Update. Oshawa Truck is only running on 1 shift starting Monday the 21st.

As of now we are only working for 2 weeks. Day shift only.

[jarsworldcom]

Originally Posted by gm world

Update. Oshawa Truck is only running on 1 shift starting Monday the 21st.

As of now we are only working for 2 weeks. Day shift only.

Lucky.

[ARTSBEST]

The Janesville plant is shutting DOWN the 2nd shift due to SLOWER sales. 1200 to be LAID OFF. The high and almighty large SUV's/pickup world is DYING. And so is GM. Sorry to break the news to you all but GM is screwed big time. Now they're selling small units in Europe. Hardly an accomplishment making peanuts off these sales. NO MORE $10K profit margins on these gas guzzling tanks.

[ARTSBEST]

GM CLOSING 4 more truck/SUV plants for GOOD. Each employ OVER 2500 men/women. WOW, what a slap in the face to these hard working people. And you think it can't get any worst? Read this folks. And then weep.



Race Is On to Rescue ResCap

Cerberus and GMAC Look to Shore Up
Finances of Struggling Mortgage Lender
By KEVIN KINGSBURY
June 3, 2008 8:47 a.m.

GMAC LLC and Cerberus are scrambling to keep Residential Capital LLC afloat, after the beleaguered mortgage lender discovered it will need to raise $1.4 billion more than expected in just four weeks to meet its own needs and satisfy commitments to lenders.

ResCap, a unit of GMAC, the former financing arm of General Motors Corp., said in a securities filing that it originally thought it would only need to raise $600 million beyond its normal needs by June 30. But an inability to close asset sales and losses on some hedges boosted the figure to $2 billion.
The development is the latest setback for the lender, which has been pounded by the credit crisis and recorded 2007 losses of $4.3 billion. To help close the gap, GMAC and Cerberus agreed to lend more money to ResCap and buy some of the unit's assets. Cerberus, a distressed-debt specialist, bought a controlling interest in GMAC in 2006.

ResCap needs the funds to cover its own operating expenses and to maintain the cash reserves lenders are demanding as a condition of future borrowings. The total could rise further, ResCap said, indicating that it's getting near the end of its rope.

"If liquidity needs are greater, ResCap may be unable to independently satisfy its near-term liquidity requirements," the company said in the filing with the Securities and Exchange Commission.

Complicating matters, Tuesday's filing indicates that some of the assets ResCap may sell or pledge as collateral against the new borrowings from GMAC may also have been pledged to back notes that will be issued under a bond swap aimed at restructuring $14 billion in debt that was agreed to just two weeks ago.

The cash-raising efforts are proceeding on many fronts. GMAC boosted the size of a loan to ResCap to $1.2 billion from $750 million, and ResCap plans to draw about $450 million of that amount Tuesday.

GMAC also agreed to buy ResCap's resort-finance business, which currently has a net book value of about $340 million after its debt load is subtracted. And GMAC will buy some mortgage servicing receivables from ResCap under a factoring facility.

[Tornado346]

Originally Posted by CaptainDan

Now wait a minute. All of us outside the American Axle facility are NOT looking to screw them. The main people screwing the American Axle/ UAW members is themselves. If they are looking to be paid well more than their jobs merit, (meaning that job can, and is, being done elsewhere for significantly less) my not supporting their strike (a strike which screws a LOT more people than just them) isn't a reflection of a bad society, or un-American, or any other such thing. Even if the strikers "win", they lose. If they price American Axle out of the market, they have no job. No wage.

We applaud GM finding another axle source, so all the OTHER employees who are NOT on strike can stop getting screwed by this, and get back to work. We would certainly prefer to see this work coming from a US plant ,but that's where it WAS coming from until "somebody" stopped it.

I fail to see why people support (demand) non-competitive wages/ benefits, when you've GOT to be able to see your company going out of business under such conditions.

I too would like to have a much larger paycheck. Do you think I should tell my boss that I demand more than others in my field because I want it? Because that will somehow improve the country's economy? And if you don't support my quest than you must be un-American, and looking to screw me.

Quite well stated. If GM (and the UAW) want to survive they need to STOP looking at things from a employee/employer relationship and look at things in the ONLY way that will keep GM from tanking: a producer/consumer standpoint.

The American consumer has an odd habit. When given the option of buying a tshirt for $18 USD and an identical one with the same quality for $12 USD, what do they do? Why, they shock everyone and buy the $12 one. The same thing applies to vehicles folks. If the UAW saddles GM with costs such that they must charge a hefty premium for a vehicle with little to no perceived benefit for that premium compared with, say a comparable HonToySan, GM is the loser. So is everyone working for them.

To use my example again, it is folly to say that I am unpatriotic when I buy the $12 tshirt instead of the $18 tshirt. Your union-led company may not have as good of sales and your job security may be in jeopardy...but more people benefit from me buying the $12 tshirt. First, I have $6 extra to spend. Second, the worker who made the $12 tshirt benefits. Third, I can now go buy a pair of underwear to go with that shirt. Forth, the worker who made the underwear benefits.

The argument of the playing field not being level is valid in regards to human rights, patents, copyrights, and trademarks...only slightly valid in regards to environmental regulations. Environmental and osha regulations...well...we can debate that one until the cows come home but in the end we all elected the retards who restricted us with insane levels of regulations then set up these trade agreements without said regulations.