Live Blog from the Anchor Desk 12/11/08
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"but what’s at stake are the jobs of these workers and millions of others who depend on a continuing auto industry — this is really a workers’ bailout"
David Gergen, I understand your point, and I do feel bad for the workers, but let's get real here. If the big three continue their poor business practices and if the UAW doesn't change it's ways, then the big three will go down and their workers with them anyway, whether or not they get the bailout.
I believe the UAW should be more forthcoming and willing to admit that their union workers' pay and benefits are way out of line in comparison to other auto workers in the U.S. that don't happen to work for the Big 3. It is incredible that UAW workers continue to get 95% of their salary and benefits even after they are fired! What other viable company in this country has workers demanding such ridiculous benefits? The arrogance and unwillingness of the UAW leadership to compromise is the reason this bill failed to pass in the Senate.
The financial sector has laid off tens of thousands. AIG could get 100 applications for every job, so why pay to retain people. They'd make more letting people leave and hiring replacements at lower salaries.
David Gergen, FORD won't go under befoer the end of the month. They DO have operating cash and they have made significant changes in their business model over the past year, in anticipation of a changing economy.
Further, better we (as a whole) deal with the pain of our own years and years of selfish, blind consumption. We can all be in the same boat at the same time. I think this will be healthy in the long run.
I agree w/ your comment, David Gergen, the recession is already hitting very deeply.
What is UAW? they are the back breaking labor union that builds the cars that need bailouts.
Very good show tonight. Anderson congrats on another good PIP 2.
Good night Anderson and all bloggers. Dread the news for the stock market tomorrow.
AIG – Unbelievable!! They really don't bloody get it! They say they still offer bonuses or they'll lose their good people. Must be nice that people that work on Wall St can quit their jobs and are able to find employment elswhere on the Street. How ironic!!
Seems like that $700b bailout is working wonders on Wall St in more ways than one......I feel sick!!
My company just told the managers that there is a bonus/raise freeze on their bonuses/salaries, but that the hourly workers will keep getting raises. Seems fitting, considering all they put us through to make themselves look good. Now they won't be getting anything.
AIG – retention payments my "butt" (to put it mildly) – if these guys who received "bonuses" were talent to retain why in the world did they need a bail out to start with if they had such coveted execs to retain!
Anderson, Something tells me you are pretty proud of your shark swimming experience. I have to give you credit, I could not see myself doing it! Visiting with the mountain gorillas would be more my style.
Hellooo David Gergen!!
I complete agree with you what you said!!!! I know what you mean.... I am also disappoint with bailout fail!
@Mike: They need 60 to be filibuster-proof.
As more details come out about the remains found today, I'm hoping that it doesn't turn out that some over-zealous, well meaning person put the evidence there recently. They could have secured the parts from a number of sources.
When did the "people" loose their voice in our government? Seems the line "We the People" means nothing any more.
David Gergen, what are the financial advisory firms that specialize in financial and operational restructuring suggesting for the US automobile industry? Without input from industry experts, how can the White House or Congress take effective action in a timely manner? We need to take the appropriate action more so than any action for the sake of time.
I would like to agree with Mary and ask David Gergen what is good for our economy.
UAW workers have take pay cuts for the last 8 years.
omg...more craziness. another arrest. when will people learn.
the only thing it seems to look forward to is you, kathy and erica on New Year's Eve. lol 🙂
What is UAW?
David... perhaps you have some funds laying around to support those workers. Me, I don't... and I won't expect my children to either.
AIG retention payments? Well if they have to bribe workers to stay, then they should let them bail. I'm sure there are plenty of fully capable people who could replace them, they just don't want to take the time to rehire people. It's just crazy.
10 million bond... that has to be a record
The blame lies with the government for not attaching conditions to this money!
I pray that Obama can step in with Geithner in Jan. and force banks to start lending again and STOP these bonusus or else they don't get one more dime!!!
I would like to ask David Gergen what would really help our economy?
Bonus? Bogus....!!!
Retention payment? Redressing ploy men....!!!
I can't believe those bonuses the people at AIG is getting, while people are just trying to keep the jobs that they have and glad to be getting a paycheck.
AIG is one more reason, we all feel so angry about bailouts. These companies always pull the wool over our eyes. They've lost our trust.
AIG–what a bunch of crooks. Make all the AIG executives buy a Chevrolet, before Christmas!
Jo Ann, I guess the UAW would rather take a 100% paycut than a 10-20% paycut. Want to know why companies move jobs overseas, just look at the unions.
Mr Gergen, you must have implanted something in my head! you always say what i feel. lol
completely and totally agree with what you said.
Michelle,
If Dow loses 1,000 points tomorrow, it will be down to ~7,700. It went down to 7,400 on Nov. 20th. It's not the worst it can get.
we need to find a bottom on all this. let everyone fail now, or they'll fail later after costing more. we never save money by spending now.
Well said, David Gergen (as always).
There needs to be some stipulations on the bail out. I don't believe they are going to leave the auto industry blowiing in the wind. If it means a pay cut to keep your job, why not take it rather than ending up with nothing? It's a tough situation and whatever happens, there's going to be a rippling effect. Everyone in Washington screwed up. Prediction: the stock market goes below 7500. Bright spot: Anderson Cooper. I laughed when your weight belt fell off when you were in awe of the great white sharks. That was priceless. Thank you!
Jolene I dont think bailout not passing tonight is doomsville yet, there's the possiblity of funding from troubled asset relief funds. As Dana Bash says, Republicans and Democrats in the House did come together to pass bail out. That's a success. 700b bailout had similar bumpy road.
On the Blagojevich question, the story broke only Wednesday morning, I can see that he needs to get ahead of it, and acting rapidly is important, but he does want to have everything in hand.
This is a truly sad part of government when people are just trying to 'score political points' to say that they opposed this auto loan..
There will be thousands and thousands of middle class folks out of work, no health care, etc.
It just shows me more about Rep. in Congress caring more about their wall street lobbyists!!!
This is why it will be grid lock for 4 years!!!!
Mr. Gergen, I completely agree! We need to look past the greedy CEOs and their bad decisions to the hard-working, tax-paying employees of the auto industry and do what can be done to help them keep their jobs.
Anderson, I don't think that I want to hear that the Wall street Weasels are getting bonuses this year. Is it a bonus for pulling the wool over the eyes of the common man?
Hey everyone Congress needs to go on Chrsitmas break, so I guess I can take a couple weeks off works, ooh wait I would be fired.
if the government owns a piece of the bank that it bailed out wouldnt the government make alot more money if the auto makers go bankrupt.When people cant get loans to keep their buisness open because the government put regulations up on the banks (bad idea bailing the banks out because the banks made money and didnt continue to give loans ...duh ) and now the federal reserve (who made the money to begin with) is going to capitalize off of the failed buisnesses and then pay it self back for the fake money that it put out ( credit ) which in the end i guess makes sence?
No auto bailout? Well here it goes another 100,000 + jobs...going, going, gone.
Of course they are against the bailout. With 5 foreign plants in their state they are probably getting kickback from them to vote against it. Thet were throwing money at wall street with no questions asked , but they dont want to save the jobs of the people who pay their salery?
Gees, not AIG again!!
What happens if the Dow loses more than
1 thousand points tomorrow?
So what if someone in the Obama Camp spoke with Blagojevich, there is no law against that. I believe Obama when he says his staff did nothing wrong. Put that wanna be ganster away and let the President Elect concentrate on more pressing issues please
this bank of america layoff announcement has me really scared. i thought the bailout was supposed to help with all this????
im sorry, i cant resist, anderson, i love that tie. 🙂
may betty paige rest in peace....so sad
Hello everyone - thanks for the vigorous discussion tonight. I agree with Erica's assessment that you all seem fairly divided over whether the Senate did the right thing in killing the agreement on an auto bailout (and thanks, Erica, for your kind words). It's good of you to weigh in.
My own sense is that of course these auto companies do not deserve a rescue but what's at stake are the jobs of these workers and millions of others who depend on a continuing auto industry - this is really a workers' bailout, and in my view, we should support them. If we let this recession go much deeper much faster, we could imperil a whale of a lot of innocent people in this country.
Will the Bush White House now step in and provide a life raft? I sure hope so. But you have to ask: why didn't they do that some weeks ago? It's worth remembering: both GM and Chrysler and possibly Ford (as Ali reported tonight) could go under before the end of the month!