Having a bit of a historical first hand perspective, I’d like to share it.
I worked for Hoffa’s ‘Enforcer’ McMasters…A union Boss. I know the stories, and I don’t doubt them a bit. I saw the benefits to this Capo, I ‘ve heard about the others…but that was Decads ago. that persona died when Reagan began busting unions, when the boards turned to the Rank and file like their own Treasure Trough..Through threats of layoffs and actual layoffs. The UAW ain’t what she used to be..for nearly 3 decades.We made up the saying “Last one out Turn off the lights”. MI had a mass Exodus then…and we ended up in your regions and began competing for your jobs.So this will spread to Non big 3 regions. Now you are competing for less openings, guess what concessions You will be forced to accept.
Bare in Mind when the large labor unions begin taking hits, so do the rest of US. Not just those directly affiliated, but Indirectly. Less jobs, less ‘disposable’ income, so it will effect manufacturing unrelated to the industry and the region.
If the Term ‘Trickle Down’ had any real application it would be in reference to this phenomena, certainly not a sound economic stratedgy (Dumbasses) Domino Effect is accurate but misrepresents the speed at which this will occur. We’ll trickle out of these states, first the auto workers towards ‘Transplant’ factories, Then dislocated suppliers and their work force. but when those leave here, so will all the Realtors, Social Workers, Nurses,Teachers,and what ever the hell you do for a living.
As a Michigander, Believe me WE are the most Pissed off at the Management of the Big 3. In reality, the only reason the are collectivley Called ‘Detroit’ is because their HQ’s are located here…Not so much their factories.Call it a ‘consolation Prize’ since our state was the first to suffer major jobs losses in the late ‘70’s & 80’s, then the next hit NAFTA.
Actually this is not about saving the corrupt upperechelon of the Big 3, Nor even the UAW, it’s about the American Worker. If we don’t help to save these jobs, it is ultimatley all our jobs one way or another. They’ll either drive down compensation expectations or flood the market with an over supply of Labor..Or both. 3 Million could lose their Jobs, but how many will lose their Livilhoods.

While i agree with ousting Wagoner, i might add that if people should be ousted for mismanaging a giant corporation then it is high time for all of our Senators and Representatives and Presidents and SCOTUS judges and paper shufflers within government to start working for $1/yr.

Seriously, have any of these Congressmen actually looked at the government’s books?  Do they look better or worse than GM’s?  Just because they can raise the gov’s credit limit every time they run out of money does not make them competent managers.

As a G.M. employee[retired/injured 7 times]I KNOW THE GAME-Yes-there were those employees “playing the system”[no different than those few who play “the welfare game”]-Both are CHEATS….THE MAJORITY of WORKERS had PRIDE IN PRODUCT and tried their best to create good products….You can not do any thing when a FOREMAN tells you to RUN THE PARTS KNOWING THEY ARE RUSTY or DON’T FIT THE GUAGE…..Due to the FOLKS AT THE TOP WANTING BIG BONUSES!!!It’s FUNNY….Everyone is PISSED AT ME and says I have it so GOOD.HA-I’m LOSING ALL BENEFITS as well as my PENSION while a lady I know GETS BETTER HEALTH CARE FROM THE STATE…..FOR FREE!!!!!!Meanwhile-G.M. TOP EXECS STAY RICH and WELFARE RECIPIENTS GET IT ALL FOR FREE-on the TAXES I PAY…..HA HA HA…That is going to CHANGE CUZ YOU ALL AIN’T GONNA RIDE ON MY BACK ANY MORE!!!!!

... after watching the movie “Who Killed the Electric Car?” I have no sympathy at all for GM. They need to go bankrupt and get bought by Ford or somebody else.

Well PT, I have to say that I don’t see any difference between bankers and these CEO’s. And yep, I agree with the Senator, that it should be a condition for the aid.

Notice that senators don’t talk to bankers that way.