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Thread: Does the auto industry affect you?

  1. #41

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    Quote Originally Posted by timmy_69 View Post
    Lost my job on the 26th.
    I go back and forth on this bailout idea. But regardless, this is sad to see. I truly am sad to hear this Timmy (whomever you are) and all those like you. Happy to see you're going back to school and not laying down... turn this negative into a positive in the long run. Fight... Best of luck to you and your family in these difficult times. Very possibly 20yrs from now-looking back- it may be the next 2yrs or so which defines "you".
    I'VE GOTTA HAVE MORE COWBELL, BABY!!!

    '86 cj7

  2. #42
    Needin' Time to Wheel GLFWDA Member Jarhead's Avatar
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    Quote Originally Posted by rentalrider View Post
    I go back and forth on this bailout idea...

    The Auto Industry is not looking for a Bail-Out as the Financial Market is looking for. The Auto Industry is looking for a loan they intend to pay back just like Chrysler did some years ago when they repaid the government bonds that got them through following a number of changes and concessions by the Auto Workers.

    As the bailout goes I believe the Financial Markets have the ability to correct their mistakes without adding the burden to the tax payer. Aside from the fact that they overvalued their stocks/markets and gave credit to those that never really had the foundation (ability) to repay the monies provided through multiple levels of credit.

    Here we have someone (whether through their own fault or not) was unable to make their minimum payments. They become labeled a poor credit risk so the financial markets move in and change the terms of their revolving credit so they now are required to pay more monies in interest. If this poor credit risk was unable to make minimum payments at the lower interest rate, how does their ability improve when the financial market increases the amount they receive while they reduce the amount as it affects the principal therefore the poor credit risk falls further and further into a hole?

    The financial markets extended the credit. Renegotiate the balance due and make the terms doable/livable with the means necessitated by the income and freeze the ability to obtain additional credit until the debt is paid. Stop the foreclosures and the bankruptcies, change the terms to make it repayable.
    Jarhead (Bob)
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  3. #43

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    I took the Chrysler VTIP (voluntary termination incentive program) offer, so that left me with insurance for 6 months (starting Dec 1), a chunk of change to last me several months (smaller chunk once taxes are taken out of it), and a vehicle voucher (that also gets taxed). That gives me 6-8 months of job hunting. Not a bad deal, except there are no call-backs on the 50+ applications I've sent out. I took a chance by "jumping off the sinking ship, into a lifeboat", but that lifeboat has a slow leak...

    Word is that they received 5000 voluntary+involuntary layoffs between the VTIP, retirements (50 years old eligible), and contract employees let go. That is all they'll be cutting - FOR THE MONTH OF DECEMBER!

    Lots of hiring/firing decisions are hinging on the government-backed loans. I expect much more feedback on my employment applications after the 1st of the year. Many companies don't hire in December even in a thriving economy.

    -Adam

  4. #44
    GLFWDA Member GLFWDA Member
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    I refused the VTIP. With my years of service and salary, I would have lost money compared to a lay off, if the reduction goals had not been met.

    The final tally was 5190 (the list says 5191, but I know of one error).

    There are rumors that Salary Union will be given offers today or Monday. So there still may be more leaving.

    On the upside, there is plenty of parking available, even if you get to work a little late.

    p.s. Like any other time of reduction, I have taken on more responsibilties as a result.

  5. #45

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    well I am biting the bullit. seems I don't have enough time to retire and to much invested to walk away. God willing I will be here till they shut the lights off or I have to bail out our dingy...which ever comes first.

  6. #46
    GLFWDA Member GLFWDA Member
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    Quote Originally Posted by Yetti View Post
    well I am biting the bullit. seems I don't have enough time to retire and to much invested to walk away. God willing I will be here till they shut the lights off or I have to bail out our dingy...which ever comes first.
    My intention was always to be the one turning out the lights.

  7. #47

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    We are definately seeing it at my shop. We build plastic molds for various auto companies. Last week we had 30 guys working 12 hrs a day 6 - 7 days a well, this week we have 10 guys still on to finish what little work we do have and then its complete shutdown for who knows how long.

    My wife lost her job as a mortagage closer about 3 months ago and the only thing keeping us going so far was the rediculous amount of overtime that I was getting. Now that my work schedule has been slashed we are in a very bad situation.

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