GM: Why it is failing again

General Motors Is Headed For Bankruptcy -- Again

Shoddy Reporting Concerning Closed Chrysler Dealers:What the TARP Inspector General Report Does NOT Say.

From Leo Donofrio:

The TARP Inspector General’s office, SIGTARP, recently released a report entitled, “Factors Effecting The Decision of General Motors and Chrysler To Reduce Their Dealership Networks“. This report set off a firestorm of shoddy reporting, which, if left unchecked, will confuse those familiar with the Chrysler Dealers’ pending litigation on appeal in federal district court. This blog posting has been designed to educate the public as to the truth of the SIGTARP Report.

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Not only will the White House own General Motors, but it could end up running the Chicago mob, too!

How can Democrats think they can run this man for the Senate when the mob bank his family runs is going under, and all its secrets will be revealed once the government seizes it?

One of America's best kept secrets

Subject: Hourly Labor Cost of Big Three Unions

According to Forbes: Labor cost per hour, wages and benefits for hourly workers.

Ford: $70.51 ($141,020 per year)

GM: $73.26 ($146,520 per year)

Chrysler: $75.86 ($151,720 per year)

Toyota, Honda, Nissan (in U.S.): $48.00 ($96,000 per year)

According to AAUP and IES, the average annual compensation for a college professor in 2006 was $92,973 (average salary nationally of $73,207 + 27% benefits).

Bottom Line: The average UAW worker with a high school degree earns 57.6% more compensation than the average university professor with a Ph.D., and 52.6% more than the average worker at Toyota, Honda or Nissan.

Many industry analysts say the Detroit Three, must be on par with Toyota and Honda to survive. This year's contract, they say, must be "transformational" in reducing pension and health care costs.

What would "transformational" mean? One way to think about "transformational" would mean that UAW workers, most with a high school diploma, would have to accept compensation equal to that of the average university professor with a PhD.

Then there's the "Job Bank" ... When a D3 (Detroit 3 carmaker) lays an employee off, that employee continues to receive all benefits - medical, retirement, etc., etc., PLUS an hourly wage of $31/hour.

Here's a typical story....

Ken Pool is making good money. On weekdays, he shows up at 7 a.m. at Ford Motor Co.'s Michigan Truck Plant in Wayne, signs in, and then starts working -- on a crossword puzzle. Pool hates the monotony, but the pay is good: more than $31 an hour, plus benefits. "We just go in and play crossword puzzles, watch videos that someone brings in or read the newspaper," he says. "Otherwise, I just sit."

Pool is one of more than 12,000 American autoworkers who, instead of installing windshields or bending sheet metal, spend their days counting the hours in a jobs bank set up by Detroit automakers as demanded by the United Auto Workers Union - UAW - as part of an extraordinary job security agreement.

Now the D3 wants Joe Taxpayer to pick up this tab in a $25 Billion bailout package - soon to be increased to $45 Billion if Nancy Pelosi and Hillary Clinton have their way.

Not a good deal for us.... How about Chapter 11 - and getting rid of these ridiculous union contracts?

DOES ANYONE KNOW HOW A PERSON MAKING $12.00 TO $15.00 AN HOUR CAN PURCHASE A VEHICLE BUILT BY SOMEONE MAKING $70.00+ PER HOUR?

Barack The Great and Wonderful

Like a magician who artfully controls his audience's attention, the government's General Motors investment is all about financial diversion. Here's the fancy trick:

Wanna see another one?

Mr. Obama has an ingenious approach to job losses: He describes them as job gains.

My First Job

It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.

But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.

Kill me now (you think SuBo is losing it???)

You're fired! No, YOU'RE fired!!

I stopped posting about corruption in Obama's appointees because I just didn't have time to keep up with all of it...but, oh well, here's another one:

In March, Steven Rattner, the leader of the Obama Administration's auto task force, was the man who sat face to face with General Motors CEO Rick Wagoner at a Treasury Department meeting, and fired him.

Now it's Rattner's turn on the hot seat.

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