Wednesday, November 19, 2008
Will the Big Three automakers go belly-up?It's looking more and more like they're headed for bankruptcy (of whatever stripe is unclear). That's partly a reading of the tone of the debate, along with the matter of money and time. Inaction by Congress or the Treasury before the end of the year could trigger a collapse. If that happens, there would be a further deterioration of the economic situation, leading to a very slow economy in 2009.
posted by Quiddity at 11/19/2008 11:39:00 AM
5 comments
I've heard numbers ranging from 1.6 million to 3 million workers affected if the Big Three go under. Those are staggering numbers. It will be what triggers a true Depression in 2009.
Right. Because no one who works at an auto plant can possibly find another job for the rest of their life.
Just like when cars replaced horses -- and all of the teamsters lost their jobs. None of them ever found any employment that didn't involve horses. Did they?
Yes, jms. Thousands of workers are losing their jobs every week, but hey, what's a few million more before the end of the year? And it's not like they'll be all competing for fewer and fewer jobs next year as the economy continues to sink. Got news for you: Wal Mart doesn't need all that many new greeters, and the Salvation Army doesn't have enough bells to go around.
No doubt about it — conservatism is a disease that rots the brain. jms has all the symptoms, and the prognosis is poor.
And jms — it's not like jobless claims have reached a 16-year high or anything like that.
They don't have jobs. They work for a bankrupt company that is receiving a bailout from the government.
They are making $71 (or $40, or $28) per hour on GOVERNMENT WELFARE.
Why should detroit workers welfare payments be so much higher than everyone elses?
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