Party is Over: Chrysler Seeks Concessions From Constituents To Survive

Looks like the party is over. I have a feeling the auto industry and Toledo will not be the same regardless if the Democrats in Congress decide to bail out the auto industry and the Unions. What will come out of all of this? Hopefully, there will be leaner more competitive companies, but the companies and the City we knew last month will most likely no longer exist. Only time will tell if our leaders can get out of their inbred ideas and move the area forward.

TOLEDO, Ohio -(Dow Jones)- Chrysler LCC will use further financial concessions within its executive, dealer and hourly-worker ranks to capitalize on a requested $7 billion government loan and survive through 2009, the company's president said Wednesday.

"We need to do things between now and March with our constituents to try and kick in those savings, that's how we will make it through," said Tom LaSorda in an interview. "This is about every constituent from the owners, to the dealers to the suppliers, to the employees to executives and management. What are we going to do to help Chrysler? It's like a shared sacrifice and we have to work through those details."

http://money.cnn.com/news/newsfeeds/articles/djf500/200812031548DOWJONES...

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Chris, did you change political parties without telling us? How is it possible for WELFARE to produce a "leaner [and] more competitive" company? Chrysler's handling of its own finances PROVES that it's not competent. Free money doesn't make people or companies or agencies any more competent at that.

Party over? 4;30 a.m. wake up time comes early, and I can tell you it's not a party, and I'll be at work at Jeep at 6 a.m. We are talking about hard working men and women who never once believed it was any kind of a party. And welfare? I never knew a loan was considered welfare. We are in difficult times in large part due to the continuing mismanagement of Congress and the White House in allowing our economy to go into free fall mode. I see a big problem when trillions are routinely approved for the Iraq war and the financial black hole it has created, yet to give a lifeline to the backbone of the economy is considered wasteful. The truth of the matter is the situation we are in has been largely created by years of poor public policy, the trickle down theory of Republican Government,, and the massive devaluation of the dollar caused by printing more money instead of creating actual wealth.

You're vastly confusing macro and micro economics here. What happens to you on a daily basis is not the basis for judging the loss of public billions on the machinations of a corporate elite.

AND A LOAN IS WELFARE. You're so blinded by 'fraidy-fearing self interest that you can't see that the GOVERNMENT giving a "LOAN" to a PRIVATE COMPANY is EXACTLY WELFARE. It's not the business of government to invest in private companies. It's not the business of government to preferentially treat one company or industry over another.

Chrysler is a failure. We should let it fail. Its assets will be distributed to other Capitalists and we can only hope those PRIVATE bidders will do a better job. But it's just not our business to use the government to say anything about that. The shareholders of Chrysler will probably be wiped out. They deserve that. The workers of Chrysler will probably be re-assigned to new bosses who will pay them the new, lower industry wage. They deserve that too.

You can't possibly argue that bailing out Chrysler is somehow a good thing, when ANY bailout of private industry is a BAD thing.

STOP THE BAILOUTS. We're only supporting failing business models. We're only extending the Great Depression II that we've now entered. At $4.7 TRILLION now pledged to bailout all this CRAP, we've only added huge debts on top of the already unpayable debts that got us in this pickle. An economic downturn cannot recover until the bulk of such debts is completely written off and sustained by those who must endure them. There is no other economic law in action that overturns that one.

I do see the big picture and I think the supposed great depression you talk about WILL become a reality and turn into a global depression if the American Auto companies are allowed to fail without at least trying to save them. I do have other skills and will return to Owens Tech to finish my degree in Auto Mechanics. Perhaps I can look forward to a future where I can only service the cars and trucks of the Rising Sun auto companies. I'll do what I have to do to survive. You mention the unpayable debt we are in and you are correct about that. I knew that a long time ago, and was concerned about it.I do not anticipate any type of real retirement and I'm a hard worker, so I'll just work until I drop dead one day.
In 1979 when the U.S. Government backed Chrysler loan guarantee money, that was re-paid early with interest, that saved 250,000 jobs and sent many kids to college and provided for many American families for years to come.You cannot possibly argue that it was a "bad thing" when a LOAN is repaid with interest? The citizens, the communities, and the country was better for it.
You talk about who deserves what, yet I believe in second chances, and I believe in Chrysler's future, and I believe in American car manufacturing. To do nothing without even trying is not an option.

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