The News Review:
- Poll: Auto bailout a bad idea
- Nissan to return to Chicago Auto Show
- Congress Prepares to Reconsider Aid Package for Auto Makers
- US Auto Workers Must Accept Benefit Cuts For Government Help Chamber
- Magna Closing Ontario Auto-Parts Plants as Sales Drop (Update3)
Poll: Auto bailout a bad idea
Bizjournals.comnbsp;NCnbsp;
It does not make sense for the Govt. to give a company money to produce a product that people won#39;t buy because it is poor value for the dollar. quot;quot;The simplistic politicians and economists will say that that without the bailout hundreds of thousands of auto workers will be out of a job and it would be devastating to the economy. They would be wise to consider Frederic Bastiatrsquo;s ldquo;broken window fallacyrdquo; which details ldquo;seenrdquo; and ldquo;unseenrdquo; economic effects. quot;quot;No –we already bailed out the fiancial firms–NO MORE BAILOUTS. quot;quot;I believe the arguments for bailout vs bankruptcy ignore the facts that the only serious cure for what#39;s wrong with the US auto industry includes restructuring the legacy of debt pensions and overpriced (by world market standards) labor agreements all of which can only be accomplished under chapter 11 bankruptcy – which is exactly what that law was designed to allow. quot;The next poll looks at the Christmas shopping season which kicks off in a couple of days on quot;Black Friday.
Nissan to return to Chicago Auto Show
Chicago Tribunenbsp;United Statesnbsp;
“Given the extraordinary economic and industry climate all well-managed companies have a fiduciary responsibility to review strategies that demand decisions that are often difficult and even controversial” said Alan J. Buddendeck vice president of communications for Nissan.
Congress Prepares to Reconsider Aid Package for Auto Makers
Wall Street Journalnbsp;
–>Congress Prepares to Reconsider Aid Package for Auto MakersBy. The House Financial Services Committee scheduled a hearing for Dec. ET to review plans by the Big Three car makers to stabilize their beleaguered companies.
US Auto Workers Must Accept Benefit Cuts For Government Help Chamber
CNNMoney.comnbsp;
auto workers must accept a cut to health careand pensions benefits if they hope to get a bailout from the federal governmenta senior executive at the U. Chamber of Commerce said Tuesday. Randel Johnson executive director for labor issues at the Chamber said thatas part of any deal with the management of the big three auto makers laborunion would have to agree to a reduction in entitlement benefits. “There’s no secret about the entitlement cost overhead the auto makers aresustaining” said Johnson.
Magna Closing Ontario Auto-Parts Plants as Sales Drop (Update3)
Bloombergnbsp;
26 (Bloomberg) — Magna International Inc. NorthAmerica?s largest auto-parts supplier will close two plantsemploying 850 workers in Ontario as vehicle production falls. The Aurora and Newmarket operations of Magna?s Exteriondivision will be shut and work transferred to other sites in thecompany by June according to an e-mailed statement today. The move shows how automakers? dwindling U. sales down15 percent this year through October and cuts in output arerippling across suppliers.
Related from Insurancemonster: The Fraser Institute: Three of Four Provinces With Government Auto …