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Rally at GM Plant brings union, management together to call for auto-industry loans Date published: 11/19/2008
By KELLY HANNON The fight to keep General Motors afloat financially reached the Fredericksburg area yesterday. Anyone with a connection to the automaker was invited to a lunchtime rally inside the GM Powertrain plant in Spotsylvania County. GM plants across the country held coordinated rallies to pressure Congress to give the domestic auto industry $25 billion in low-interest loans. Detroit's Big Three manufacturers are predicting they cannot survive without help. "The cost of allowing this industry to fail would be catastrophic," said Royden Grove, plant manager of GM Powertrain in Spotsylvania, addressing a crowd of more than 100 at the rally. Local GM car dealers attended, as did Sen. Edd Houck, D-Spotsylvania. GM employs 76 hourly workers at the plant on Tidewater Trail. They assemble four-speed torque-converter clutches for automatic-transmission vehicles, and six-speed rear-wheel-drive clutches. Another 18 workers at the plant are salaried. Grove estimated one in 10 American jobs relies on the domestic auto industry. That includes people directly employed by GM, Ford and Chrysler, as well as the employees of car dealerships and suppliers, Grove said. If the domestic auto industry fails, "3 million jobs would be lost in the first year. U.S. personal income would be reduced by $150.7 billion dollars, and the government tax loss would equal $156 billion dollars over a three-year period," Grove said. "This level of economic devastation far exceeds the $25 billion of government support our industry needs to bridge this current period." A big roadblock to getting the money is Treasury Secretary Henry Paulson and the Bush administration. Yesterday Paulson told Congress he was opposed to using any of the $700 billion bailout package intended for the financial industry to help domestic automakers. Congress has approved some assistance for GM, Ford and Chrysler this year. In September, it approved $25 billion in low-interest loans to help the companies develop fuel-efficient vehicles. So GM is taking its case to the public. The company sent an e-mail blast to car owners yesterday. GM's stable of car brands includes: Buick, Cadillac, Chevrolet, GMC, Hummer, Pontiac, Saab and Saturn.
the CEO of GM Rick Wagoner flew to DC today in his private jet. It cost the company $20,000 for him to make the round trip. He could've flown commercial for $300-$800 dollars. Unbelievable.
The Unions have brought the big 3 automakers to their knees. Lifetime health care, 6-figure salaries and inflated pensions for the unionized employees have crippled the US automakers. The Dems want the bailout so they can keep the unions voting for them. The only way to save the US automakers is for the unions to go away. They outlived their purpose decades ago.
i rather the goverment give us the money! they have been bailing out banks so they can what buy up the compitition! this is the worst loan in amercian history..it isnt working they banks are not giving out the money..they are raising interest rates and charging for anything under the sun and raising there prices even to make payments to them.the amercian public has been fooled yet again by wall street.we are getting it both ways we pay them and the goverment pays them and we get stuck with the bill.
I have almost always "buy American". I also frequently discuss the "buy American mantra" to my co-workers.
With that said, our Government should never have "bailed out " the banks and financial instuitutions, and should not do it with the auto industry, homebuilders, states, cities, restaurants, clothing retailers, or any other organization who is sure to line up with their hands out. It is way past time that GOVERNMENT especially, business, and citizens face the reality that our consumption party is over
Perhaps if the "Little 3" automakers would price their vehicles more competitively and make something that Americans want to buy instead of cheesy plastic cars like the Monte Carlo or Malibu NASCAR edition or how about the Ford Focus...they might have survived. Our economy dictates survival of the fittest. If you cannot compete, you are out of the market. What's next? Bail outs of the mom and pop stores in Fredericksburg that have to shut down when they are run out of town by the big box stores?
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