Big 3 Get Their Asses Kicked
U.S. lawmakers did what shareholders, company workers, customers and the public at-large could not do for the past 30 years: Tell the Big 3 that their way of doing business doesn’t work. And if you want to survive and get money, you best go back to work post haste and come up with a business plan that does work.
Private jets. Job bank. Entitlements. And that is what we do know. Here is what else we do know: The party is over for the Big 3 executives and management teams. Their complacency even in these times is remarkable and they need to read my latest book, A Sense of Urgency by John P. Kotter. If there was ever a time to have a sense of urgency, it is now.
The comments from my last blog were a record high and many were insightful. I was shocked that many Michigan folks didn’t want the Big 3 to get bailed out. The Michigan unemployment rate hit 9.3% and will surely crack double digits. But even with the economy in the tank, people are fed up with intolerable behavior and performance.
Perhaps we do need a "cleansing out process" to get America strong and proud again. We are living history and whatever predictions you think will be 6 or 12 months from now, no one really knows for sure if they will come true.
Here is what else know. We have to focus on what we do best and learn from this mess. Because at the end of day, if we don’t, we’ll need more than bail out.
Happy Friday!
November 21st, 2008 at 12:19 pm
All this recession talk just makes me anxious. I dont want to stand in a potato line…
November 21st, 2008 at 1:35 pm
I felt the bail out was needed to preserve many jobs. However, one
econimist made a great point last night that shifts my opinion.
He said…
Why would a waitress making 25-30K annually want her tax dollars to go to
preserve the job of a line worker making 65-90k with overtime, while there are workers sitting in job pools doing nothing and still getting paid.
November 21st, 2008 at 1:51 pm
Can someone tell me where the money is coming from to keep bailing out these companies?
November 21st, 2008 at 2:34 pm
I am in favor with the bail out however I totally agree with anonymous. The problem is the big 3 have had so many people over paid for so long it has become the status quo. People working on the line should never have been making that kind of money and the retires should never have gotten the “sweet” deals that they did – that is what is killing them. If they didnt have to pay so much to over priced workers and retires then they would be a lot better off.
The big 3 should have come prepared with a solid plan and they didnt BUT I dont remeber AIG and all those banks having to give a plan and they got their money no questiosn asked……. strange and yet AIG is still spending big bucks on trips and executives, no one talks about that?????
David just look to China and that is where the money is we keep borrowing from our neighbors which is not a good thing.
November 21st, 2008 at 3:38 pm
As a former Generous motors employee try 100k plus with overtime. Yes many of the jobs were, are are damgerous and hard. 120 degrees plus in the dog days of summer isn’t really pleasent. The real problem was that many people earned their pay but too many others were protected by the UAW and not being productive.
November 21st, 2008 at 4:05 pm
I agree with you Frank. Alot of my family is in Ford and GM. Those that busted their butts deserved what the pay is, others… not so much.
for those who think they are overpaid. My dad works at the Woodhaven Stamping plant for Ford, a few months ago, an employee who does the same job as he does, went to fix the machine and after taking all the safety precausionaries, the machine malfunctioned and he was literally killed in the machine as it closed up on him, squeezing him to death.
Yes a lot of the jobs there are dangerous, and some aren’t. But those that abuse the system have ruined it for many.
November 21st, 2008 at 4:15 pm
Too many people got in there only because they knew someone or had a family member who worked there. For the longest time, it seemed as though that was the only way you could get in. If you don’t have to jump through all the hoops during the hiring process then sure, you’ll take things like the fact that you have a good job and get paid well for granted.
November 21st, 2008 at 5:31 pm
My dad is retired from Ford and he actually didn’t get that “sweet” of a deal. Also I am against the bailout. If anyone needs to be bailed out its the consumers, who are suffering the most. I say stop giving out money and make people EARN it. The same way they earned their problems and in just as long the time it took.
November 21st, 2008 at 6:19 pm
Judging by the price of automobiles, they don’t care about us…..So why should we care about them ???
November 24th, 2008 at 10:52 am
LOL @ Kelly K…. Potato line? Hilarious.
November 24th, 2008 at 1:32 pm
Forget the Big 3 bailout…Somebody please bailout the Lions!!!!!
November 26th, 2008 at 10:45 am
FOOD FOR THOUGHT:
It seems that of America has forgotten what makes us a power in this world. We are losing industry everyday to foreign markets. This Country will soon have no industry and most people do not understand that Industry is what makes a Superpower in this world, not the military but the economics. This country has resiliency for diversity, the reason being is that when there has been major crises in the U.S., this country’s biggest employer helped protect it. Did we forget that three days after Sept. 11, the BIG 3 donated 14 million dollars and over 500 cars and trucks to help in the effort in N.Y.. Also, to go back even further, during WWII the BIG 3 pretty much helped win the war by building planes, boats and subs in their factories for the military. It’s just funny how people forget where we came from. Right now Ford is leading or on par with Toyota in all the quality and reliability survey’s but the public seems to care less. Is it not true that the U.S is the only country in the world that does not subsidies it’s auto industry. Toyata, Honda and Nissan are funded by the Japanese government, the U.S. keeps it’s industry separated. It seems the foreign countries understand that industry makes them powerful. Who’s right????????