U.S. automakers to submit plans to Congress

It doesn't matter if he works for nothing, the damage is done and they've created a mess!! Resign. All of you.

Do you remember these automakers? Kaiser, Packard, and Studebaker. I rode in all these autos. They were good autos however they went out of business in the 1950’s and 1960’s.

Now we have General Motors that says they are going into bankruptcy if the taxpayer does not save them. Well they will perform a lot better after bankruptcy than having tax money to let them go on like now.

Ether way it goes they will have to shut many auto lines down. To many auto lines, to many sales outlets, have low sales, and union rules that the Honda types do not have and a lifetime retiree heath plan is killed this company. It is like a ponsza scheme only with auto sales. Without overall change of operation all, this type of government funding will not help them.

These companies knew since the 1970’s that change was needed and had autos on the street in 1980’s, which would have taken us away from oil, and they shut them all down with all the engineering destroyed. The chickens have come home and it is time to pay.

rather see the govt put that money out there for low interest loans for regular working people.  The lack thereof is why the economy is spiralling. Every lender has gone into the sharking biz, raping everyone with insane interest rates. Its those damn interest rates that get you.....

I agree with the above post, that speaks to all that will be provided to them.  Give me a break!  He has offered to work for $1 a year?  How much in bonus will he draw at the end of that time?  How much has he already drained off?  This bunch needs to see the real picture and that is that most americans do not sympathize with them.  We feel for the workers, that will be effected.  You cannot tell me that these CEO's have not already padded their coffers,  for times such as these.  Get real, we are not stupid anymore!

Taking $1 for a year would be a violation of Federal Law.  Anyone ever hear of minimum wage?

I think the automakers will get the bail out BUT I would be very disappointed if:

1. The union isn't forced by the Fed as part of the bail out agreement to take a severe hit, i.e. lowered hourly wages, less helath plans, less pension plans, etc. The UAW among others (AFL-CIO) are at least 75% responsible for this mess by making unreasonable demands through the threat of strikes and walk outs to the point the American auto manufacturers in no way can be competitive with foreign manufactuers.

2. The "Job Banks" must be eliminated 100%. Receiving full pay for not working? STUPID.

3. The Fed needs to stay out of the decision process as to what will or will not be built. There are already to many costly and useless federal regulations and rules imposed on the auto companies now.

4. The countries in which GM, Ford and Chrysler have manufacturing facilties and employ thousands must be pressured to "pitch in" with this bailout. Some of those @!$%#ries will be hurt as much as the US if the companies don't receive help.

5. Impose tarrifs on imported vehicles eaxctly equal to those applied to US vehicles imported into their countries.

6. Impose a "foreign profit tax" on those monies generated by the foreign countries US plants but the profits sent back to their country.

The Big 3 will get their loan this week. But only after Barney Frank, Pelosi, and Dean catch a few more spots in front of the camera and speak their drivel.

Be nice if all the naysayers had to eat crow with the Big 3 making good on their loan. If they make it to 2010 the new union deal will kick in. The glass is half full!  

Now that is an idea.  Might mean less wealth in some of the "newer countries" which would reduce their need for energy.  (Gas for the cars they can no longer afford)  Remember that is what the media was preaching as a factor in $ Gal. gas.

I have family that work in the auto industry in Detroit.  For years I've had to hear one of my cousins brag that he is only permitted to make 5 welds a day!  However, he has to stay in the factory for 8 hours so he sits in the caffeteria waiting to be called.  For this he makes $48.00 per hour. The union is inflexible and could give a damn less about what shape the country is in.  If any of the workers suggest concessions they receive a visit from a union rep while on the job.

Ford Motor Company doesn't hire its own hourly employees.  Its done by the union and Ford has to take what they are sent. 

Let the big 3 go bust.  Let them file bankruptcy so the contracts can be set aside and new ones renegotiated.  Basically, if the workers want to eat then they should accept less.  My cousin makes $96,000 per year for making 5 welds a day and drinking coffee!  Considering what union scale is throughout the rest of the country that is outrageous.  The UAW represents steel workers in my home town and I know those workers are making that kind of money!  They're fortunate if they make half that.  If you want to redistribute the wealth then standardize hourly rates to something that is reasonable!

That is why a $10,000.00 auto costs $25K & up!

FIRST WE NEED TO STOP BASHING ANY AMERICAN WORKER, thats just what the CEOs want, for the public to turn against the American worker so they can just keep more of the profits.

Do you think car and truck prices will drop once the unions are gone?

No, the CEOs will keep the price the same and pocket it,

Hondas, Toyotas you name it cost the same as the Big 3, $12,000 to $45,000 USD, where does the "extra money" the workers don't receive go?

You got it, Wall ST and CEO's pay, the unions help trickle down the money, they shouldn't be paid less, the $9.00 hr Americans should be paid more

but

they don't have a UNION so they live with less, less or none health care, less or none retirement funds, 401K are a joke being drained by WALL ST, so

so bashing the only thing that stands up for the hard working American people is exactly what WALL ST is encouraging the Media to do, Look at this months TIME cover, why it's ANTI-Union too, how surprising is that?

IF you have a college education, health care and or retirement

Thank a Union because before you were born, nobody had any of these, including management, except those on WALL ST,

And if you don't have any or some of these, stop putting down the only way to get them and start standing up for yourself and America

STOP THE ANTI-AMERICA BASHING and start fighting for America again!

Please explain how a CEO earns only $1.  What kind of kickbacks or benefits do they receive from the companies to fund their general living expenses?  Can someone explain the real math behind a statement like this? 

 I worked for ford for 31 years. If they would clean their own house and quit wasting money on projects that don't work they would make money. Ask the operators how a job should be done and not have a white collar do it his way which is usually wrong and won't work. They don't need all the supervisors they now have. Let the employee have more input into how cost cutting ideas can be applied.. As we all have seen the CEO's arn't the brighest people in the world when it comes to saving money. Only taking it and mocking the retirees and employees that make the auto.

Since Chrysler has a parent company, wonder if Ford & Chevy have thought about a merger?  Or better yet offering to sell to Toyota for twenty cents on the dollar?

As for this Ford prick and his $1 salary POOR GUY

Yes the 1$ per year sounds great, but just HOW are they going to make that happen? Just like people can't get financing for auto's. THATS BS!!!!!!!!!!

I just bought a 2009 Cobalt, made a great deal, drove the car off the lot 1hr later with bank financing at 4.99%

This took my truck off the road which got 13 mpg............

Go ahead a believe the automakers!

What a disgrace and an absolute insult to the intelligence of the American people. Suddenly the CEO's of the big three have offered to work for $1 dollar.  I guess you can do that when you have paid yourself 60 million in yearly incentives and bonuses over the years. Before Congress gives either of the automotive companies money, Congress should demand that all the CEO's and their Deputies step down and seek employment elsewhere. I don't think we will see them in the unemployment line or clipping coupons for groceries.  They have made enough money to purchase a small island and live very comfortable.

If the big three would make better cars,at a reasonable price ,or  if there was a wow factor   there ,maybe the buying public would switch to buy North American.There is nothing there to make me want to buy there product line.Give them a small bailout with a certain time limit,in other words ,put pressure on them to succeed ,then maybe the UAW and the company can work together to get them out of this mess.Please leave us taxpayers alone were already in hawk for a couple trillion.

$1 if you compare what I have been making per year for the past 20 years to what Ford's CEO has made I have been making less than that! And still managed to avoid going bankrupt.

Reduced executive compensation: Check.  Reduced entitlements/union benefits: Check.  Elimination or sharp reduction in stock dividends: NOPE = EPIC FAILURE OF THIS PROPOSAL.

You CANNOT talk about controlling costs until you're also willing to cut/reduce dividends!  If this was part of the proposal and I missed it, then my bad, but otherwise; it's obvious Detroit doesn't have a serious plan without eliminating dividends.  For Christ's sake, dividends are supposed to be paid only when a company is profitable, but, as I understand it; the big three have been issuing them for years while they're in the red. 

It will piss off shareholders, but contrary to what they believe; dividend payments are not a right, particularly if the company you're investing in is LOSING MONEY.  Besides, investing is a risk and the big shareholders know this.  If they get their clocks cleaned, then so be it.  It's just like people who took a risk and bought a huge house and assumed the price would just go up, or that they could flip it for a profit.  Furthermore, shareholders suffer from short-term myopia.  They're usually interested in what will lift a company's bottom line THAT QUARTER; not's what's in an organization's long-term interest.  This is a big component of Detroit's decision-making over the last 25 years and we all see where that's gotten us.

Auto employees have made sacrafices, now it appears executives may do the same (although I'll believe it when I see it.  My guess is that they'll figure out a way to weasel themselves into a $10 million bonus); unless dividends also go, this bailout is bunk and it's just another big of upper-class welfare for shareholders.

The US big three are begging for help while the forein manufactureres are building plants in the US as we speak, wonder why,, quality is one reason and Oh yeah, the forein car makers and the plants in the US are not part of a union.. I dont think that is just a coincidence. I would be for helping them out if they would do away with the union,, where else ar these people going to find a job making what they are making-- no where. The forein companies sure seem to have happy employees and they continue to open plants in the south where the union infuence is much less. Wonder why? and they arnt begging for money either!

Ford said they will not issue executives bonuses in 2009.  They should not issue bonuses this year either!

Get rid of company jets and limos.  Come on fellows get real about this.  They want a bail-out but want to keep their perks.  Of course the CEO can work for a buck next year he has amassed enough money in the past to be able to live in comfort for the rest of this century; that's what the problem is across the board, not just at Ford.

So many great comments to respond to...I agree the $1 a year is just a token gesture, these guys are set for life anyway. The no bonus idea is pretty good since it covers more executives. No word of course from Wagoner on the $1 a year thing - he was always the most arrogant of the lot and GM the worst managed company.

On the interchangable parts thing - this is something GM actually does well - they standardize most of their undercar parts - Ford is the worst at this (I know  first hand, I work in the industry...)

My quickie two cents: let GM file for banruptcy - they will come out of it. Ford is in the best position - help them become a more solid company. Forget Chrysler - no look at the books, (we are a private company blah blah) no bailout money - take a hike...

And lets not loose sight of the bank guys - we need some $1 a year salaries and more bonus cuts there too (I know AIG has annouced plans along this line)

Car manufacturers have gotten themselves in this mess, maybe they should figure out how to get themselves out.  The best selling cars for all the manufacturers have been discontinued and the worst sellers kept.  Yep, that makes sense, NOT.  The economy goes into a nose dive and they raise prices on new cars.  People are losing their homes, so of course they are going to go out and buy cars that cost more then last year.  Again, NOT.  Maybe if the CEO's put as much thought into what is going on in the US as they do in lining their own pockets they wouldn't be in this mess to start with.

Okay, yeah...he'll work for a buck after years of making millions....sure...