Dec31
Struggling finance firm GMAC LLC said Wednesday that bondholders tendered $21.2 billion in notes in its bid to raise capital for its new status as a bank-holding company.
The lender's goal had been to raise $30 billion by converting 75% of its issued debt into preferred stock holdings. The offer expired Friday after having been extended four times.
Since then, GMAC has received commitments from the federal government for $6 billion in aid and already announced it would ease re...
Read More...
As the worst sales year in more than a decade draws to a close, auto dealers are sweetening deals this week in a last-ditch effort to unload acres of cars.
Cash back, 0% interest rates and even wackier deals, such as buy-one-get-one-free, are being tried to squeeze out a few last sales.
General Motors added a last-minute inducement Tuesday by offering 0% to 4.9% financing through Monday on some remaining 2008 models. Financing arm GMAC said the loans were made possible by a $6...
Dec30
GMAC LLC announced today that it will immediately be offering financing for more US consumers, This just after GMAC agreed to sell a $5 billion stake to the government yesterday.
The financing will be provided to retail buyers of new cars and trucks who have credit scores better then 620. This past October GMAC put restrictions on loans to borrowers with beacon scores of less then 700 to control its expositor during the credit crisis.
Credit scores range between 300 and 850, a...
GMAC, the automobile financing company, said Tuesday morning that it would immediately resume financing to a wider range of car buyers, a day after the Treasury Department injected billions of dollars into the lender.
GMAC said in a statement that it would modify its credit criteria to include financing for customers with a credit score of 621 or above, a significant expansion of credit compared to the 700 minimum score put in place two months ago. GMAC had significantly cut back on t...
The auto sector is expected to be the most financially troubled industry in the United States next year, taking the top spot from the homebuilding group, according to a survey of restructuring and bankruptcy professionals released on Monday.
As the nation has slid into recession, auto and auto parts makers have been slammed by dropping sales, pushing industry stalwarts such as General Motors and their suppliers to the brink of bankruptcy.
Homebuilding was named the most troubl...
Dec29
General Motors Corp. and Chrysler LLC still haven’t figured out how to close thousands of dealerships, a promise in the plan they presented to Congress to win loans, starting with $4 billion that each is due to receive today.
The companies have been hoping that dealers would close or sell stores on their own, as industrywide sales have fallen to the lowest level in 17 years. The attrition hasn’t been happening fast enough, and the automakers have few tools at their disposa...
GMAC LLC refused to reveal whether creditors had backed a $38 billion debt restructuring, despite the fact that the outcome isn't expected to disrupt the efforts by the auto and real-estate lender to become a bank holding company. The lender, owned by General Motors Corp. and a group of private equity holders led by Cerberus Capital Management, stated that the deadline for restructuring passed at 11.59 pm Friday. This is the forth time GMAC had extended the deadline in an effort to win ...
Through three decades of decline, union leaders have been predicting a renaissance that has not come. But labor invested more than $300 million to help elect Mr. Obama and enlarge the Democratic majority in Congress, and it expects both to enact legislation that will make it easier for millions of workers to unionize.
Skeptics say the outlook for labor is as bleak as ever. Business leaders and Congressional Republicans have vowed to block the new legislation, and Mr. Obama might want ...
Dec24
General Motors Corp. and Ford Motor Co. shares declined for a second day Tuesday as Wall Street continued to absorb the details of the federal government's bailout of the domestic automobile industry.
The White House's $17.4 billion bailout of GM and privately held Chrysler LLC prompted key ratings agencies to slash their outlook for America's carmakers Monday, while fears of a deepening recession have made an already bleak situation that much worse.
As a result, GM's stock lo...
Dec23
The Federal Reserve announced today that it would include floorplan loans for new car dealers, out of the $200 billion bail out program designed to stimulate small business and consumer lending. This has nothing to do with the 17.4 Billion loan program for General Motors and Chrysler received on December 19t The Program called TALF (Term Asset-Backed Securities Loan Facility) is designed to help businesses and consumers get credit. Auto dealers' inventory will also be eligible under the TALF ...
George W. Bush awarded General Motors and Chrysler the $17.4 billion government loan program theoretically saving the US automotive manufactures from filing bankruptcy. But the Bush bailout program never addressed a group pending issues that will ultimately map out the real plan of survival.
Highlights of the deal • GM gets a $13.4 billion loan; Chrysler gets $4 billion. • Government gets stock warrants for the loans. • GM, Chrysler...
The worst U.S. auto market since the early 1990s may force Toyota Motor Corp. to do something that was once unthinkable: cut its North American payroll.
Asia’s largest automaker, which hasn’t shed workers in 24 years of building cars in the U.S., is exhausting options to trim costs after halting work on a Prius plant in Mississippi, idling a Texas truck factory for 15 weeks and planning to pare U.S. and Canadian output next month.
When automakers first came to Congress, Americans overwhelmingly opposed making loans to General Motors Corp. and Chrysler LLC to help them through their cash crisis. However, a new poll shows that by the time President George W. Bush approved $13.4 billion in automaker loans on Friday, the nation had changed its collective mind.
The poll of 1,013 adults, conducted by Opinion Research Corporation for CNN Dec. 19-21, showed that 63% supported the loans to the two automakers. But if the...
These goals are generally consistent with the conditions I outlined as necessary for the Detroit Three to achieve viability when I testified before the Senate Banking Committee on November 18. For example, laid off workers could no longer sit in the Jobs Banks collecting 90 percent of pay and benefits indefinitely and engaging in productive activities like pinochle.
Financial viability requires projecting a positive net present value, taking into account all current and future costs. ...
Dec22
The tiny town of Lincoln, Ala., is 706 miles from Detroit. But as the U.S. recession deepens, the distance between this Southern enclave of the American auto industry and the Big Three's headquarters to the North seems to be shrinking.
At the edge of the 4,500-resident town looms a massive Honda plant, marked only by two tall towers bearing the Japanese automaker's name and by the sounds of industry that drift into Lincoln on otherwise sleepy afternoons. The plant, which opened in 200...
Gettelfinger said the union is willing to make further concessions, but feels workers are being unfairly targeted under the loan deal.
In the meantime, Wagoner said GM will continue to scour for deeper cost cuts as it struggles to weather the worst sales environment in more than 20 years.
While looking to save money, GM is weighing whether to participate in major auto shows outside Detroit, he said. In November GM opted not to attend the Los Angeles auto show. Major shows in N...
Governor David Paterson of New York has proposed 88 new fees and taxes in his attempts to close a $15.4 billion budget gap. Adding a tax to sporting events, alcohol, Internet downloads, shopping, taxis, soda, movie tickets, cable TV and automobiles. The plan, which needs legislative approval, did not include an income tax increase, but relied on less significant ones to rise over $4 billion from New Yorkers strapped for cash. "The governor is nickel-and-diming the working class fam...
The news of the once-mighty Big Three auto makers getting a financial lifeline from the federal government is a fitting climax to the long and rocky relationship between Detroit and Washington.
Detroit's car makers helped America win World War II by churning out tanks and planes. They then powered the rise of the blue-collar middle class. More recently, General Motors Corp. helped jump-start the U.S. economy after the Sept. 11, 2001, attacks by promoting zero-interest financing on car...
Dec19
The Bush Administration's plan to use TARP funding to aid the auto industry and Treasury Secretary Henry Paulson’s decision to seek the remaining $350 billion generated more confusion and concern about the already controversial emergency spending program. CNBC.com
Though the auto bailout package was widely expected, Paulson’s decision represented another policy reversal, having told CNBC just days ago
General Motors and Chrysler will receive up to $17.4 billion in short-term loans from the US government as part of an aid package to the troubled auto industry.
President George Bush will make a statement at 9 am New York time Friday, the White House said.
Bridge loans to carry the companies for several months could be announced as early as Friday, said the sources, who were not authorized to publicly discuss the negotiations.
Dec18
Ford Motor Co. announced today that it will close 10 of its 12 North American assembly plants the week of January 5th as part of its previously planed announcement to curb output. The only 2 operating North American assembly facilities during that week will be the Dearborn, Michigan plant which make the F150 pickup trucks and the Kansas City plant which also make the F150 pickup truck, Ford Escape and Mercury Mariner. All plants are scheduled to commence operations the week of Janu...
The comments came a day after Chrysler LLC announced it was closing all its North American manufacturing plants for at least a month as it, General Motors Corp. and Ford Motor Co. await word on government action. General Motors also has been closing plants, and it and Chrysler have said they might not have enough money to pay their bills in a matter of weeks.
Prices of GM and Ford stocks were down substantially after the White House comments Thursday. Though Ford, unlike General Motor...
Struggling U.S. automakers are launching a round of severe cutbacks as they wait for a government rescue, with Chrysler saying yesterday it will idle all 30 of its U.S. factories for one month.
Chrysler's plants will furlough 46,000 workers beginning Friday, as a planned two-week holiday shutdown is extended to a month and possibly longer. The company, which has told Congress it needed $7 billion to survive the month, also told dealers that it may suspend financing for new cars in a b...
Credit unions are stepping into the auto-finance gap, striking deals with U.S. auto makers to provide loans for cars and trucks sold at discounted prices.
Anchored by institutions in the Midwest, credit unions from a dozen states have agreed over the past week to make $22 billion in loans available to members to finance purchases of any vehicle.
For U.S. auto makers, credit-union members could become an important lifeline as they struggle to compete against foreign-based auto ...
Dec17
The debuted of the 2010 Volvo S60 Concept will come net month at the Detroit Auto Show. The New 2010 Volvo S60 demonstrates an aggressive attempt to chance its bad reputation from lack of style, transforming it into a sedan that everyone wants. Adapting all the comforts of some of today’s high end luxury sedans, cruse distance control to driver assist steering that will help you stay between the lines on the highway. The advancements will be the last ditch effort to save an ailing compa...
Effective Jan. 1. OPEC announced today that it plains to slash 2.2 million barrels from its daily production, bring the grand total to 4.2 Million barrels it includes previous announced cuts that totaled 2 million barrels. "I hope we surprised you," OPEC President Chekib Khelil said when asked whether the size of the cut would shock moribund oil markets into an upward trend. "If you're not surprised we need to do something about it." The market didn’t respond to his ...
A government bailout for automakers was being assembled as quickly and carefully as possible, Treasury Secretary Henry Paulson said on Tuesday as a new ratings report showed that bankruptcy was the most likely restructuring scenario for the industry.
The Bush administration came under renewed pressure from fellow Republicans who urged the government extract stiffer concessions from labor and other groups than Democrats and the White House previously agreed were needed to qualify for a...
DETROIT -- A pair of new surveys suggest buyers aren't completely unwilling to buy a car from an auto maker in bankruptcy court, as long as the federal government is willing to play a role in helping the company restructure.
This contradicts the conventional view of Detroit auto makers that suggests consumers would shun a bankrupt auto maker over fears related to the resale value of a car, the warranty and the ability to secure service and replacement parts. video
WASHINGTON -- Treasury Department officials are weighing the condition of the nation's banks before they loan money to General Motors Corp. and Chrysler LLC, possibly by Friday.
Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates any money from the $700 billion Troubled Asset Relief Program, or TARP. GM and Chrysler are seeking up to $15 billion in emergency aid to keep ...
Dec16
WASHINGTON (Reuters) - The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.
A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively invol...
Most Americans continue to oppose a government-backed rescue plan for Detroit's Big Three automakers as majorities blame the industry for its own problems and are unconvinced failure would hurt the economy, according to a new Washington Post-
Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors executives pitched to Congress last week, on par with public opposition to earlier, pricier efforts. But with 42 percent support, the new request fo...
Dec15
General Motors’ bonds are currently yielding a whopping 56 percent. But with the interest rate on U.S. government bonds paying close to 0 percent, are people rushing out to buy these General Motors’ bonds? Do people really think that this is a great way to make a killing? Hardly.
General Motors’ high interest rate means one thing: investors who have their money on the line don’t believe that these bonds will get paid off. In fact, this interest rate is so high ...
As consumers gear up for the holiday shopping season, LeaseTrader.com reveals this holiday season’s top car gadgets according to a recent poll. LeaseTrader.com, a leading provider of automobile lease transfers, polled more than 1000 people that use Leasetrader.com to find the top car-related gadgets that they want this holiday season. “This year there are a number of items we’re excited about, such as Wi-Fi internet for your car, and the smart mirror with GPS,” said Se...
Detroit automakers, their suppliers and the United Auto Workers union hope the Bush administration acts quickly this week on a rescue plan that could avert bankruptcy filings by General Motors (GM) and Chrysler. The sticking points are sure to center on the "meaningful concessions" that White House spokeswoman Dana Perino said will be imposed on the companies, creditors and workers to protect the taxpayers. A $14 billion bailout loan package fell apart last week when Senate Republic...
As the White House and Detroit's automakers continued working together on a new rescue plan over the weekend, following the collapse last week of the $14-billion lifeline for General Motors Corp. and Chrysler LLC, President George W. Bush hinted Sunday that a new deal was not far from being reached.
The White House said an announcement is still not expected today, but Bush reassured reporters aboard Air Force One during a previously unannounced trip to Iraq and Afghanistan:
Dec12
Bankruptcy update, November 2008, November 2008 was another record month for Companies and individuals seeking court protection from creditors. Data compiled by Automated Access to Court Electronic Records show Bankruptcy filings in the U.S. rose to 91,355 for the month of November. With only 18 business days counted in November the daily filing rate rose to 5,075 a 2.6% increase from October, the first time since the changes in U.S. bankruptcy law back in 2005. Topically if we ...
Senate Republicans voice opposition to auto bailout bill AFP/Getty Images/File – US Senator Tom Coburn (C) speaks as fellow Senate Republicans listen during a news conference on the …
The Senate’s defeat of a White House-backed bailout for the auto industry pushes General Motors Corp. to the brink and puts pressure on President Bush to reconsider his refusal to tap Treasury funds to stave off bankruptcies this winter among Detroit’s Big Three.
SEOUL (Reuters) - The collapse of a proposed bailout for U.S. automakers has raised fears of a deeper economic slowdown and further financial shocks that may jeopardize worldwide efforts to ease a global recession.
Any failure or bankruptcy of General Motors Corp, Ford Motor Co or Chrysler LLC could cost tens of thousands of jobs, hit credit markets and disrupt the auto industry's global supply chain, economists said on Friday.
Financial market reaction to the plan's collapse ...
Dec11
The Wall Street Journal just released their list of top stocking stuffers from Gadgets to Cell phones to Games. Their analysts have determined the best products for the dollar. The Gadgets listed 5 high-tech items that whole family would enjoy.
1. Nikon D90 2. Hewlett-Packard HPTouchSmart Tx2z series 3. Polaroid PoGo Instant Mobile Printer 4. Scan Disk Sansa Fuze ...
WASHINGTON — The prospects of a $14 billion government rescue of the American auto industry seemed to vaporize Thursday morning as the Senate Republican leader, Mitch McConnell of Kentucky, spoke out forcefully against the bill, effectively dooming its chances despite the urgings of the White House.
In a speech on the Senate floor, Mr. McConnell said he and other Republicans had drawn a clear distinction between the Treasury’s $700 billion economic stabilization, which the...
This came to us via email and has been posted all over the Internet. It summarizing the way most Americans feel about the automotive bailout program. Between the greedy unions and company executives this whole ordeal has left a bad taste in everyone’s mouth. This bailout only represents the US government reward for bad business. What type of motivation are these companies going to have to create better products or run leaner? Their only motivation now is to ask for more mon...
Good morning. It's Thursday. Here's what's making news right now:
Bailout: Slate says some of the nation's major newspapers chose to lead their front pages with the news that members of the House approved an emergency $14 billion bailout for the Big Three automakers. The package now moves to the Senate.
Dec10
In an economy that relies on brand loyalty for sales J.D. Power and Associates released their 2008 Customer Retention Study(SM) today. The six year study measurers the percentage of new car buyers that replace their car with a new automobile of the same brand. Honda has always retained a high standard on the list but this marks the first time in history Honda makes the highest ranks since its inception
U.S. stocks rose, recovering more than one-third of yesterday’s slide, as speculation lawmakers will approve a $15 billion bailout to keep automakers afloat and boost the economy pushed commodity producers higher.
Freeport-McMoRan Copper & Gold Inc. jumped 13 percent amid bets that Congress will approve a rescue, lifting demand for metals. Chevron Corp. advanced 4.5 percent as oil climbed after Russia signaled it may coordinate a production cut with OPEC. American Express Co...
It is nice to see a group of companies getting together for one cause. Saving the American Auto Manufacture or should we say the United States of America! A large group of Credit unions from the states of Michigan, Ohio, Indiana and Illinois are guaranteeing at least $10 billion dollars in low interest auto financing for its members on a purchase of General Motors vehicle. The Credit unions members consist of over 12 million customers. Sources say that GM would be willing to offer additional ...
Compared with the other two domestic automakers, Ford looks like it's already been blessed. The automaker has $18.9 billion in cash and $10.7 billion in untapped credit, which Mulally says has his company positioned to survive the market falloff.
Not that Ford isn't hurting: It lost $129 million in the third quarter and says it won't be profitable again until 2010 — at the earliest.
But its cash position puts it in the enviable position of saying it doesn't plan to tap g...
Within the pass year we have all seen the hardships of the economic slowdown. From the mortgage crises to the credit crunch. Many companies have run their business to their limit. Most of these companies have have lived in the land of plenty for too long and now we need to downsize to be completive. AOL's configured a list of current bankruptcies filed within the passed year.
Dec09
Our present global economic slowdown is now projected to be more severe and longer than originally projected. It will bring on more reductions in demand for energy on a global level, there for a continuing decline in all energy prices including crude oil. The average monthly price of West Texas Intermediate crude oil, also known as Texas Light Sweet oil has dropped more than 50% between July and November caused by the rapid decline in world petroleum demand. The average price for WTI is now p...
The draft bill, first sent to the White House Monday, would call on President Bush to select one or more people within the executive branch to authorize, disperse and oversee a loan for the auto industry. Congress and the White House have been hashing out a plan to give General Motors and Chrysler a total, short-term infusion of about $15 billion in low-interest loans to stay afloat in the months ahead.
GM CEO Rick Wagoner told lawmakers last week that without an infusion of $4 billio...
Dec08
Audi now has a new new flagship for it's line of sports cars. The Audi R8 5.2 gets its 5.2-liter V10 from the Lamborghini Gallardo, slightly modified for use in the all wheel drive coupe. It’s prices starts at $180,000 right in line with other high end performance cars.The engine is virtually identical to the R8 LMS racing car that was developed for GT3 racing. The price for the Audi R8 LMS race car is estimated at $330,000.
The United Auto Workers union, meanwhile, is planning to seek a stake in General Motors and a seat on its board in exchange for concessions by its members.
The draft bill, which is still being negotiated by Congressional leaders and the Bush administration, would provide emergency bridge loans totaling about $15 billion to the foundering automakers, particularly General Motors and Chrysler, which are in the greatest danger of financial collapse.
The president’s appointee...
The UAW believes that they deserve an equity stake in GM for helping them through these tough times. In return for allowing GM to modify the terms and conditions of their health-care agreement and allowing the suspension of the controversial Jobs Bank program that pays near-full compensation to idled workers. The UAW would like an equity stake, that would “most likely" come with a seat on the board of directors. This statement came from a letter posted on the internet by Marc McQui...
Congressional Democrats and the Bush White House had reached an agreement in principle to provide stopgap support for the U.S. auto industry, congressional and industry sources said late Friday.
The deal would keep the most troubled companies out of bankruptcy court at least through the end of March.
Two officials familiar with the compromise talks told CNN that the working target is $15 billion to $17 billion in bridge loans.
While the money is less than the $34 billi...
After an eventful two years, the 110th Congress is apparently going to conclude its business this week - though whether it will be a successful conclusion for the stricken auto industry remains an open question.
The Senate will convene today and the House will essentially be on standby to take up aid to the auto industry after Congressional officials and White House staff worked through the weekend to put together a bill that would provide the Big Three with cash to tide them over int...
Dec05
This week’s sale special, Volvo for $6 Billion Another Sales Special for the week, Ford is asking $6 billion for the Volvo brand name. Ford paid 6.4 billion back in 1999 Sources say that Ford’s attempt to sell Volvo is only a ploy to show congress that it attempts to cut cost thus rewarding the automaker government bailout money. Ford bought Volvo back in 1999 for $6.4 billion. Now, 8 years later, unconfirmed reports say Ford is asking nearly the same amount $...
Saying he's concerned about the viability of U.S. automakers, President George W. Bush called on lawmakers to act next week on a proposal to give the ailing companies $25 billion in already-authorized loans.
The president, acknowledging for the first time that the U.S. is in a recession, expressed concern for workers who have lost jobs in the downturn and said the administration is working to stabilize financial markets and free up credit.
Ear...
WASHINGTON — The chief executives of America’s foundering automobile manufacturers returned to Capitol Hill on Thursday and found themselves confronting years of pent-up anger, the harsh politics of a recession and the realization that even their strongest supporters might not be able to muster the votes to save them.
Fiscal hawks are worried that taxpayers will lose billions. Pro-labor lawmakers are furious that union workers are being blamed for causing the
Dec04
This past week we were giving a glimpse of the highly anticipated Honda Insight before its official release at the Detroit Auto Show next month. Again take a look at this Toyota Prius look a like from head to toe and you will want to file those copyright infringement documents for Toyota tomorrow. The Honda Insight will be delivered to North America dealers this coming spring 2009 and Honda is expecting to sell over 100,000 with a base price at below $20,000
Green Oil or as it is named G-Oil That is right, a Connecticut based Green Earth Technologies has been marketing its G-Oil a Synthetic Oil made from animal fat for lawn and garden equipment now offer it for your car. The G-Oil for small engines has been available at Home Depot, TrueValue, ACE Hardware and other retail suppliers, and is awaiting approval from the American Petroleum Institute new automotive applications. G-Oil is biodegradable, and uses the animal fat would typical...
As executives for the U.S.-based automakers return to Capitol Hill Thursday it's uncertain if they'll get the full financial bailout that they've asked for, but General Motors Corp. could be granted the funds it says it needs to make it through the rest of the year while Ford Motor Co. could get a credit line it wants, an analyst said.
Dec03
UAW president Ron Gettelfinger announced today the he would suspend the Jobs Bank program and allow the Detroit Auto Makers to delay making any payments to the retiree health care trust in 2010. Ron Gettelfinger, feels that this will help the automakers through their cash crisis, He also stated that the union will be making modifications to the 2007 contracts in order to preserve their foothold.
As the fate of the United States auto industry hangs in the balance, a profound question has taken center stage: what about the planes?
The chief executives of Detroit’s Big Three auto companies are hoping to avoid another drubbing like the one they received during a Congressional hearing on Nov. 19 for having flown on their private jets to Washington to plead for a bailout.
Dec02
The Automaker: A Dyeing bread that at one time was profitable like high pieced oil companies charging $145.00 a barrel. I don’t believe you’re surprised to see record losses for the automotive industry. November 2008 was just another kick in pants for the US Automotive Manufacture. It is just one kick of many to come says Mike Silver, Senior analyst for LeaseTreader.com.
Between Ford, General Motors, Toyota and Honda alone lost over 30% of sales in Novembe...
What's so bad about letting Ford, Chrysler and GM slip into bankruptcy? Gary Burtless and Daniel J. Ikenson debate bailing out the Big Three. Two of the Big Three U.S. automakers face grave and immediate peril. They are burning through their cash reserves so fast that they may be forced to seek protection under the bankruptcy laws within the next couple of months. Ford, which is in a stronger financial position than Chrysler or General Motors, may not survive much longer than its more ...
The 2009 Nissan 370Z will be delivered to Nissan dealers in late January 2009 The much expected release has a subtle face lift and performance features.
As per Edmonds.com, they have mixed reviews but in all gave it thumbs up Here are some of there remarks
If anyone is to take blame I would first look at the executives of both organizations, the Auto makers and the United Auto Workers Union (UAW).Unions are goods, I can not argue because they gave us fair working conditions, heath care and income security but taking advantage with ridiculous high salaries and programs that pay you for not working is absurd. You can argue this issue to death but in the end unions will ultimately drive the big three into bankruptcy. It is impossible to sustain th...
Dec01
Laid-off auto workers get paid hundred of million of dollar each year.
UAW President Ron Gettelfinger announced today that he would possibly eliminate the job banks program in efforts to help Detroit stay competitive. The job banks program was established during the 1984 labor contract talks between the UAW and the Big Three. (Ford GM and Chrysler)
The union feels it is still hurting from the loss of over 500,000 employees during the recession of early 80’s a...