Money Beat

I thought the massive bailout was suppose to have freed up credit markets?

While the article says that they won't receive their regular pay, I wonder what type of compensation they will get.

Here is what I think the UAW should give some concessions. The workers are overpaid and they really don’t care what kind of product they put out. Unions are bad for the economy and well that’s what got the big three in the mess there in now is unions. Down with them and their big headed hall bosses!

Haha! A ploy to ensure that they will "pressure" the next president to come to their aid. Mr. President-elect, PLEASE do not bail them out in its current form, until and unless they have committed to firm plans to reorganize and restructure TOTALLY, in order to get a penny. They cannot survive the way they are and it would be a waste of good money. As they declare closure of plants, the workers are still being "promised" their unemployment benefits (that's all right), but also supplemental benefits from the company, and white collar workers, not working for a month will still receive regular pay. Let the bunch apply for unemployment benefits. Why should they get more pay from the companies? Why should we help to supplement this payment for non-work, when many of us are out of work ourselves? Now we can understand what these companies are dying from - overpayment of unjustified benefits.

Don't throw good money after bad.

These guys should've known what was coming, reduced their debt, got products people want.

They didn't, so they go under. That's business.

No bail out....UAW workers maybe a little dose of your own medicine...no work no pay because there is no money in the job bank program.......Get ready for road construction work.....you new line of work $20 an hour and no benefits....

The beginning of the end, we haven't seen the worse of it yet. Chrysler is filing for bankruptcy protection they need time to get their act together.

Good scare tactic, if you don't give us the money, then this will happen. I thought all three said that they had enough money to last through to the end of March. What happened. BTW, if they don't have the money, then why are they going to pay salaried workers for not being there. At this time don't pay them.

To Davd. the bailouts were to open up the credit lending, but the banks are refusing to do that right now and this is the consequence. Sometimes I think the banks ane the 3 automakers are in this together, the banks are not lending for cars until the 3 automakers get what they want from the government.

This is a necessary measure. Sell more cars and try to eliminate expenses for one month just to generate enough profit to restart and reorganize the company. I feel sorry for the workers being laid off for a whole month but it is better that than being laid off permanently.

Why do taxpayers have to bail them out when their execs are making millions each year in salary and bonus. Let the execs start paying the bills like all owners of small businesses have to when the company is short on funds.

This entire bailout for GM and Chrysler is stupid. Ford at least is trying to fix their problems and have invested more money into hybrids (with Toyota's help) than GM or Chrysler has.

If plant workers are being laid off for a month at reduced pay, then white collar employees should also receive reduced pay.

I am a dealer salesperson. Blake is right. Although Chrysler probably could have done a little something to ward off a little of this mess, the UAW and the costs of making domestic vehicles is way out of hand. Toyota and other foreign car companies make better vehicles in the U.S.A but at 30% less. It is because of labor costs. Those people still make a good living, but during times of credit peril (like now), they do not break their company! They will be fine, and the domestic market is far from it.

Good decision by Chrysler in keeping with the European tends. This way maybe the number of Chrysler cars and Vans will move out of the dealers lots. Finding the balance between keeping jobs with reduced but still decent compensations and staying afloat is one way to survive without a bailout.

when is the government going to give money to the little business owner? We all need help too.

I hate to see these people out of work but I hope it's the plants that manufacture the Dodge Caliber CVT. It was the lousiest car I ever driven, the transmission needs to go back to engineering.

And 30 minutes later Ford follows with an extra week closure announcement. I'm sure they all planned this to push Congress and Bush to give the money. I bet GM will announce something within 24 hours.

And for those worried about the workers, you do realize they still get their $50-$75 per hour pay while the companies are shut down.

GM UAW worker makes over $80,000 a year in wages and benefits...that says it all for me....

I have been out of work for over a year ( I go out everyday, but no one is hiring) so now I get this letter in the mail from the Unemployment office that states that the government is extending my unemployment benefits because my first 13 weeks had expired, I think great, but then I look for how long,
5 weeks, only five weeks. I thought to myself, they think this recession is going to be over in 5 weeks, right.

Contact the White House and tell them to stop wasting our money. I’d rather invest our money in growing industries and the future of this country. And if the TARP is now used for the automakers, it sets up a slippery-slope for all industries to now come begging for TARP money.

202-456-1111 or comments@whitehouse.gov

Chrysler's owned by a hedge fund; those guys aren't shy with scissors. I'd be surprised if they don't also hit the white colar employees.

I wish my company would lay me off from my white collar job with pay and benefits!

I do not agree with all the unions dealings. They are just as much in the pockets of Congress as others. I do not see them giving up that much at all. I am unemployed and getting my state funded check each week just like hundreds of thousand now without any extra, why can't they? I think to help out the auto maker they need to just take what everyone else gets, one check a week and no more!

The Republicans and these auto execs (who are almost certainly also Republicans) have totally hosed this nation with their greed and their slothfulness. They have known for DECADES that smaller, more fuel-efficient cars were needed - and they dragged their feet and did NOTHING (or in some cases worse than nothing) because they were able to keep selling their obsolete products. Now their chickens have come home to roost. I won't say what they should do to these guys: it might be a felony.

It's amazing to me to hear people say don't "Bail" out the auto Industry!!! what are they thinking? We should let ourauto industry fail and continue to be in debt to Foriegn countries? and make nothing here in the US?

Perhaps these are young peolpe like i used to be, they have all the answers of a 12 year old with NO Life Experience to base thier answers on!

Don't Bail "Them" out? Who in the heck are "These" people??!!!

G. W. Let's move forward, don't destroy us!

Let’s start adding all the BENEFITS that a UAW worker gets....1.Health insurance for spouse & children $1,000 per month with a $300 deductible per family member. 1,000 x 12 = $12,000 2. $1 per hour worked that GM will pay into a workers 401K plan..$2080 per year min...3. Job bank program....$40k per year per employee laid off. 4. Performance bonus $2,500 per employee 5. Excess vacation pay 16-10= 6 day excess 6days X 8hrs x $30 = 1440 5. life insurance of 100K $800 -1000 6. Overtime 7. Relocation $30K 8. holidays 4 too many 4holidaysx8hrs x 30 = 960. ,,,,,,,,,,,,,,,,,,, $30 X 40 hours X 52week =$62,400 + $12,000 insurance + $2,500 bonus + $1,440 vacation + $1000 life insurance + $2,080 401K + $960 holidays+ $600 reimbursement in health care cost =$82,980 per UAW GM worker.....There I PROVED THAT A UAW WORKER ATLEAST MAKES $ 82,980.00 A YEAR to screw in bolts… note this does not include the hearing aid insurance, free dental , paid child care, relocation bonus of $40k, pension and health care pension, tuition, AOL, JOB BANK PROGRAM, and a slew of other stupid benefits….....

This is just Chrysler trying to put pressure on the government to bend to thir tactics. Let them go broke--show GM and Ford that if they do not restructure there will be no bail out--this is crazy--business as usual just aint gonna cut it. As for the workers being out of work--I am working full time and I don't make what these guys will get drawing unemployment and"supplemental" pay--so don't jump on the pity party too quick.