JJ_BPK
12-18-2008, 09:45
I received two different views of the auto industry bail-out in the last 1/2
hour.
Worth both a good read..
As my maternal mother was Attila the Hun and my pro-ported God-Father was
Uncle Bernard Madoff, you probably know my position.. I still think this is
worth sharing,, after all it is Christmas..
I have not verified the numbers quoted in these notes,
I don't think they need to be questioned,,
as it is the intent not the accuracy I wish to convey..
Be informed...
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Pro-Detroit Bail-out:
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Incredible editorial from one of our Dealers in the Pittsburgh
Region....Attached is a well written "Letter to the Editor" from Elkins
Fordland.
Editor: As I watch the coverage of the fate of the U.S. auto industry, one
alarming and frustrating fact hits me right between the eyes. The fate of
our nation's economic survival is in the hands of some congressmen who are
completely out of touch and act without knowledge of an industry that
affects almost every person in our nation. The same lack of knowledge is
shared with many journalists whom are irresponsible when influencing the
opinion of millions of viewers. Sen. Richard Shelby of Alabama has doomed
the industry, calling it a dinosaur. No Mr. Shelby, you are the dinosaur,
with ideas stuck in the '70s, '80s and '90s. You and the uninformed
journalist and senators that hold onto myths that are not relevant in
today's world d. When you say that the Big Three build vehicles nobody w
ants to buy, you must have overlooked that GM outsold Toyota by about 1.2
million vehicles in the U.S. and Ford outsold Honda by 850,000 and Nissan by
1.2 million in the U.S. GM was the world's No. 1 automaker beating Toyota by
3,000 units. When you claim inferior quality comes from the Big Three, did
you realize that Chevy makes the Malibu and Ford makes the Fusion that were
both rated over the Camry and Accord by J.D. Power independent survey on
initial quality? Did you bother to read the Consumer Report that rated Ford
on par with good Japanese automakers? Did you realize Big Three's gas
guzzlers include the 33 mpg Malibu that beats the Accord. And for '09 Ford
introduces the Hybrid Fusion whose 39 mpg is the best midsize, beating the
Camry Hybrid. Ford's Focus beats the Corolla and Chevy's Cobalt beats the
Civic.
When you ask how many times are we going to bail them out you must be r
referring to 1980. The only Big Three bailout was Chrysler, who paid back
$1 billion, plus interest. GM and Ford have never received government aid.
When you criticize the Big Three for building so many pickups, surely you've
noticed the attempts Toyota and Nissan have made spending billions to try to
get a piece of that pie. Perhaps it bothers you that for 31 straight years
Ford's F-Series has been the best selling vehicle. Ford and GM have
dominated this market and when you see the new '09 F-150 you'll agree this
won't change soon. Did you realize that both GM and Ford offer more hybrid
models than Nissan or Honda. Between 2005 and 2007, Ford alone has invested
more than $22 billion in research and development of technologies such as
Eco Boost, flex fuel, clean diesel, hybrids, plug in hybrids and hydrogen
cars. It's 2008 and the quality of the vehicles coming out of Detroit are
once again the best in the world. Perhaps Sen. Sh Shelby isn't really that
blind. Maybe he realizes the quality shift to American. Maybe it's the
fact that his state of Alabama has given so much to land factories from
Honda, Hyundai and Mercedes Benz that he is more concerned about their
continued growth than he is about the people of our country. Sen. Shelby's
disdain for "government subsidies" is very hypocritical.
In the early '90s he was the driving force behind a $253 million incentive
package to Mercedes. Plus, Alabama agreed to purchase 2,500 vehicles from
Mercedes. While the bridge loan the Big Three is requesting will be paid
back, Alabama 's $180,000 plus per job was pure incentive. Sen. Shelby, not
only are you out of touch, you are a self-serving hypocrite, who is prepared
to ruin our nation because of lack of knowledge and lack of due diligence in
making your opinions and decisions. After 9/11, the Detroit Three and
Harley Davidson gave $40 million-plus emergency vehicles to the recovery
efforts. What was given to the 9/11 relief effort by the Asian and European
Auto Manufactures? $0 Nada. Zip!
We live in a world of free trade, world economy and we have not been able to
produce products as cost efficiently. While the governments of other auto
producing nations subsidize their automakers, our government may be ready to
force its demise. While our automakers have paid union wages, benefits and
legacy debt, our Asian competitors employ cheap labor. We are at an extreme
disadvantage in production cost. Although many UAW concessions begin in
2010, many lawmakers think it's not enough. Some point the blame to
corporate management. I would like to speak of Ford Motor Co. The company
has streamlined by reducing our workforce by 51,000 since 2005, closing 17
plants and cutting expenses. Pro duct and future product is excellent and
the company is focused on one Ford. This is a company poised for
success.&nbs p; Ford product quality and corporate management have improved
light years since the nightmare of Jacques Nasser. Thank you Alan Mulally
and the best auto company management team in the business.
The financial collapse caused by the secondary mortgage fiasco and the greed
of Wall Street has led to a $700 billion bailout of the industry that
created the problem. AIG spent nearly $1 million on three company
excursions to lavish resorts and hunting destinations. Paulson is saying no
to $250 billion foreclosure relief and the whole thing is a mess. So when
the Big Three ask for 4 percent of that of the $700 billion, $25 billion to
save the country's largest industry, there is obviously oppositions. But
does it make sense to reward the culprits of the problem with $700 billion
unconditionally, and ignore the victims?& nbsp; As a Ford dealer, I feel our
portion of the $25 billion will never be touched and is not necessary. Ford
currently ha s $29 billion of liquidity. However, the effect of a
bankruptcy by GM will hurt the suppliers we all do business with. A Chapter
11 bankruptcy by any manufacture would cost retirees their health care and
retirements. Chances are GM would recover from Chapter 11 with a better
business plan with much less expense. So who foots the bill if GM or all
three go Chapter 11? All that extra health care, unemployment, loss of tax
base and some forgiven debt goes back to the taxpayer, us. With no chance
of repayment, this would be much worse than a loan with the intent of
repayment. So while it is debatable whether a loan or Chapter 11 is better
for the Big Three, a $25 billion loan is definitely better for the taxpayers
and the economy of our country.
So I'll end where I began on the quality of the products of Detroit it .
Before you, Mr. or Ms. Journalist continue to misinform the American public
and turn them against one of the great Industries tries that helped build
this nation, I must ask you one question. Before you, Mr. or Madam
Congressman vote to end health care and retirement benefits for 1 million
retirees, eliminate 2.5 million of our nation's jobs, lose the technology
that will lead us in the future and create an economic disaster including
hundreds of billions of tax dollars lost, I ask this question not in the
rhetorical sense. I ask it in the sincere, literal way. Can you tell me,
have you driven a Ford lately?
Jim Jackson Elkins
End part one: The "PRO"
hour.
Worth both a good read..
As my maternal mother was Attila the Hun and my pro-ported God-Father was
Uncle Bernard Madoff, you probably know my position.. I still think this is
worth sharing,, after all it is Christmas..
I have not verified the numbers quoted in these notes,
I don't think they need to be questioned,,
as it is the intent not the accuracy I wish to convey..
Be informed...
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Pro-Detroit Bail-out:
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Incredible editorial from one of our Dealers in the Pittsburgh
Region....Attached is a well written "Letter to the Editor" from Elkins
Fordland.
Editor: As I watch the coverage of the fate of the U.S. auto industry, one
alarming and frustrating fact hits me right between the eyes. The fate of
our nation's economic survival is in the hands of some congressmen who are
completely out of touch and act without knowledge of an industry that
affects almost every person in our nation. The same lack of knowledge is
shared with many journalists whom are irresponsible when influencing the
opinion of millions of viewers. Sen. Richard Shelby of Alabama has doomed
the industry, calling it a dinosaur. No Mr. Shelby, you are the dinosaur,
with ideas stuck in the '70s, '80s and '90s. You and the uninformed
journalist and senators that hold onto myths that are not relevant in
today's world d. When you say that the Big Three build vehicles nobody w
ants to buy, you must have overlooked that GM outsold Toyota by about 1.2
million vehicles in the U.S. and Ford outsold Honda by 850,000 and Nissan by
1.2 million in the U.S. GM was the world's No. 1 automaker beating Toyota by
3,000 units. When you claim inferior quality comes from the Big Three, did
you realize that Chevy makes the Malibu and Ford makes the Fusion that were
both rated over the Camry and Accord by J.D. Power independent survey on
initial quality? Did you bother to read the Consumer Report that rated Ford
on par with good Japanese automakers? Did you realize Big Three's gas
guzzlers include the 33 mpg Malibu that beats the Accord. And for '09 Ford
introduces the Hybrid Fusion whose 39 mpg is the best midsize, beating the
Camry Hybrid. Ford's Focus beats the Corolla and Chevy's Cobalt beats the
Civic.
When you ask how many times are we going to bail them out you must be r
referring to 1980. The only Big Three bailout was Chrysler, who paid back
$1 billion, plus interest. GM and Ford have never received government aid.
When you criticize the Big Three for building so many pickups, surely you've
noticed the attempts Toyota and Nissan have made spending billions to try to
get a piece of that pie. Perhaps it bothers you that for 31 straight years
Ford's F-Series has been the best selling vehicle. Ford and GM have
dominated this market and when you see the new '09 F-150 you'll agree this
won't change soon. Did you realize that both GM and Ford offer more hybrid
models than Nissan or Honda. Between 2005 and 2007, Ford alone has invested
more than $22 billion in research and development of technologies such as
Eco Boost, flex fuel, clean diesel, hybrids, plug in hybrids and hydrogen
cars. It's 2008 and the quality of the vehicles coming out of Detroit are
once again the best in the world. Perhaps Sen. Sh Shelby isn't really that
blind. Maybe he realizes the quality shift to American. Maybe it's the
fact that his state of Alabama has given so much to land factories from
Honda, Hyundai and Mercedes Benz that he is more concerned about their
continued growth than he is about the people of our country. Sen. Shelby's
disdain for "government subsidies" is very hypocritical.
In the early '90s he was the driving force behind a $253 million incentive
package to Mercedes. Plus, Alabama agreed to purchase 2,500 vehicles from
Mercedes. While the bridge loan the Big Three is requesting will be paid
back, Alabama 's $180,000 plus per job was pure incentive. Sen. Shelby, not
only are you out of touch, you are a self-serving hypocrite, who is prepared
to ruin our nation because of lack of knowledge and lack of due diligence in
making your opinions and decisions. After 9/11, the Detroit Three and
Harley Davidson gave $40 million-plus emergency vehicles to the recovery
efforts. What was given to the 9/11 relief effort by the Asian and European
Auto Manufactures? $0 Nada. Zip!
We live in a world of free trade, world economy and we have not been able to
produce products as cost efficiently. While the governments of other auto
producing nations subsidize their automakers, our government may be ready to
force its demise. While our automakers have paid union wages, benefits and
legacy debt, our Asian competitors employ cheap labor. We are at an extreme
disadvantage in production cost. Although many UAW concessions begin in
2010, many lawmakers think it's not enough. Some point the blame to
corporate management. I would like to speak of Ford Motor Co. The company
has streamlined by reducing our workforce by 51,000 since 2005, closing 17
plants and cutting expenses. Pro duct and future product is excellent and
the company is focused on one Ford. This is a company poised for
success.&nbs p; Ford product quality and corporate management have improved
light years since the nightmare of Jacques Nasser. Thank you Alan Mulally
and the best auto company management team in the business.
The financial collapse caused by the secondary mortgage fiasco and the greed
of Wall Street has led to a $700 billion bailout of the industry that
created the problem. AIG spent nearly $1 million on three company
excursions to lavish resorts and hunting destinations. Paulson is saying no
to $250 billion foreclosure relief and the whole thing is a mess. So when
the Big Three ask for 4 percent of that of the $700 billion, $25 billion to
save the country's largest industry, there is obviously oppositions. But
does it make sense to reward the culprits of the problem with $700 billion
unconditionally, and ignore the victims?& nbsp; As a Ford dealer, I feel our
portion of the $25 billion will never be touched and is not necessary. Ford
currently ha s $29 billion of liquidity. However, the effect of a
bankruptcy by GM will hurt the suppliers we all do business with. A Chapter
11 bankruptcy by any manufacture would cost retirees their health care and
retirements. Chances are GM would recover from Chapter 11 with a better
business plan with much less expense. So who foots the bill if GM or all
three go Chapter 11? All that extra health care, unemployment, loss of tax
base and some forgiven debt goes back to the taxpayer, us. With no chance
of repayment, this would be much worse than a loan with the intent of
repayment. So while it is debatable whether a loan or Chapter 11 is better
for the Big Three, a $25 billion loan is definitely better for the taxpayers
and the economy of our country.
So I'll end where I began on the quality of the products of Detroit it .
Before you, Mr. or Ms. Journalist continue to misinform the American public
and turn them against one of the great Industries tries that helped build
this nation, I must ask you one question. Before you, Mr. or Madam
Congressman vote to end health care and retirement benefits for 1 million
retirees, eliminate 2.5 million of our nation's jobs, lose the technology
that will lead us in the future and create an economic disaster including
hundreds of billions of tax dollars lost, I ask this question not in the
rhetorical sense. I ask it in the sincere, literal way. Can you tell me,
have you driven a Ford lately?
Jim Jackson Elkins
End part one: The "PRO"