Let the Oil Companies Bail out Detroit (UPDATED)

You know, I touched on this briefly in the past, in the “Dude, Can I Borrow Some Cash to Buy Your Car” post. But now it seems that the potential bailout of the big three automakers has become a much bigger issue in each day’s headlines. So I am going to revisit it a bit. I have a real problem with the bailout on principle because if my business started failing the government wouldn’t take your money to bail me out. Yet the “big three” seem to think they are worthy of such a crime….

Let me say first that I understand that these three automobile companies are big and that they employ a lot of people. But it isn’t the way that the media would have us believe. I heard a number thrown around the other day in a report stating that if the big three go under, that is 2.4 million jobs down the drain. Bull. The big three employ about 350,000. Let’s put that in perspective. Wal-Mart employs about 1.2 million. It is estimated that foreign companies employ about 193,000 Americans, IN NEW YORK CITY ALONE! I will put a link to that at the end of the post. So where does this end? Do we start bailing out Wal-Mart and foreign companies too?

First and foremost, these companies have made poor business decisions. That is why they are where they are. When opportunities presented themselves, the big three hedged their bets. They have only barely jumped into providing more efficient vehicles. And most would agree that this is at the behest of the big oil companies, who didn’t want to see the oil burners we have now go away. So I suggest that perhaps the oil companies should take some of those record profits they keep racking up and they can bail out Detroit. 

The unions have held Detroit hostage. Of that there is no doubt. Detroit should have stood up to them long ago and perhaps they wouldn’t find themselves in this predicament. And now I hear the unions are “willing to make concessions”. I guess so when your practices are about to put all your members out of the ability to pay dues. If you are Detroit, you tell the unions that they aren’t making concessions, they are re-working the entire deal. Union workers can go back to making regular wages like the rest of us, or face the alternative and instead make absolutely nothing.

Getting bailed out with our money isn’t the only option here. They could file for bankruptcy. I am sure they can call those sleazy lawyers I hear on the radio every day who promise to get your debt settled for “pennies on the dollar” (a personal pet-peeve of mine, you made your debt now pay it like an adult). They could sell assets. I am sure GM could get billions just for the rights to Cadillac alone. Cut costs, such as wages and benefits (see union agreements above). Here is a novel idea:

Build better cars. Make something that lasts like a Honda and you wouldn’t have to compete with them. Americans would certainly love to buy American. We want to. But we aren’t stupid. We buy the best value, and Detroit hasn’t offered that in a very long time (for all the union demands the least they could do is actually build better quality cars). 

And was there anything more insulting that the latest fiasco where the Detroit big three showed up for the Senate hearings, hats in hands asking for billions of taxpayer dollars, on corporate luxury jets? Oh wait there was something more insulting, when they drove a caravan of regular cars to D.C. thinking that they will show the American public that they really mean it this time. they need the money. Pure publicity stunt and they thought that it would fool Americans into thinking they had realized the error of their ways and ditched the jet. 

So I say no way they get the bailout. You ran your company poorly and you die a slow and painful death like any other company in America will do if they run their business poorly. I promise you that the real Big Three, Honda, Nissan and Toyota will step up, build more factories in America, and provide us with a better vehicle to boot. 

And I further say this. The economic impact will be no bigger than the media makes it. I don’t believe the big three failing will actually impact the economy much at all. I never have. We are too big of a country and too big of an economy. I somewhat understood the financial companies bailout, as it would have had a bigger impact on the economy, although not nearly as big as our “Chicken Little the sky is falling” media would have us believe. If the media doesn’t tell everyone the world will end when the big three die, then I believe we will be just fine.

So what do you say?

UPDATE: One Further point that I make down there in the comments but I felt important enough to edit the initial post and include here. One very big point that you need to understand before defending the government’s decision to bail out the big three. See, one aspect of Chrysler that many seem to fail to take into account is that they are owned by Cerebrus Capital Management, one of the largest private equity investment firms in the united States. CCM also owns Bushmaster firearms, Remington Firearms, American Coach Bus Lines, Bayer Pharmaceuticals, National and Alamo Car rental, and a 51% share of General Motors GMAC Finance Group (and this is a VERY partial list of what they own). They should have some cash to put into failing Chrysler, right? Although Cerberus owns 80% of now troubled Chrysler Corporation, it has refused to inject cash into Chrysler. But we are supposed to inject the cash that Chrysler’s owners REFUSE to inject.

Comments

  1. OOPS. Forgot to add the link I mentioned. This is from Rueters and they talk about the employment of so many people in New York City by foreign companies:

    http://www.reuters.com/article/domesticNews/idUSN2644319820080627

  2. Pittsburgh Pete says:

    I agree Weapon, Big Oil kept Detroit making oil burners they should step up and “bail out” their co-conspirators. I do want to “buy American” but can’t afford to waste good money on inferior products. I have lived and worked in Michigan. I have seen the greasy fingered, high school educated line worker with two snot-nose kids and a pocket full of $100 bills from the Holiday bonus he was just paid. He is making three to four times what I made and the Union keeps him moving up for time in position, not best qualified for position. These are the guys who don’t want to make any “concessions” because they have had it soooo good for soooo long. They are now faced with no job, no money and no real skill set to do anything else in the future. Something needs to be done, but it shouldn’t come from hardworking taxpayers. It needs to come from re-inventing the industry(Union free to start) and contributions from Big Oil.

  3. Pittsburgh.

    If there is a city that is the epitome of having to re-invent itself because of the radical change in industry, it would perhaps be yours. And while things got tough in the Steel city for a bit, the city didn’t fold up and die the way the media would have us believe we will do if the big three fail.

    And you are right, the union is not going to want to make any concessions, but they aren’t going to have a choice. It is interesting to watch the dynamics at work. The union stands firm, and then now comes out and says, “hey, we’re reasonable people, we will renegotiate our terms”. Of course you will jackasses. You don’t have a choice, you just realized that you are just a more organized worker, not nearly as powerful as you believed yourself to be, who is about to lose it all. I believe that over time we will start to see all of the unions fall. They are outdated and corrupt. They are as crooked and self-serving as any part of our government. And more than anything, they are bad for business.

    As for union workers, they certainly did set themselves up for this. They failed to gain any further education and make themselves valuable off the assembly line. As I am sure you know, I have long held the belief that we are responsible for our own destiny, which is why I have chosen a lifelong education, and still attend school and gain more learning even now. The more I know, the more marketable I am. I could lost the profession I am in now. I rest at least a little easier knowing that there are a lot of other directions I could head if I need to.

  4. BlackFlag says:

    A quick comment:

    It’s the new fashion (re-hash of the old fashion) of making fun of the Big 3, and blaming them for their own failure.

    However, I think this merely an example of superficial understanding of the American Auto Industry. I would suggest this retort back “Could you have done better?” – I further suggest, you couldn’t.

    Unlike Toyota/Honda etc. the American Auto makers were forced into accepting unionization. Toyota doesn’t need US factories, and they happily negotiated that fact to the government – no unions please or we won’t come over. So a worker in the Toyota factory earns ~$40/hr – the Big Three were forced to pay $75.

    About $5,000 of every vehicle that Big 3 makes in the US goes to pay for the worker’s retirement/unlimited health care benefits.

    GM paid $5.6 billion in 2006 on health coverage for 1.1 million people — a population greater than Rhode Island’s. Yet of that number, only 160,000 or so are current employees: The majority are retirees and their families.

    Again, they were forced to agree to this deal primarily by government pressure in favor of the unions. GM has paid over $35 billion into the health care support – their entire profit for the last 15 years – and still owes another $10 billion or more. The only hope that the Big 3 has is Chapter 11, and get the judge to suspend this deal – the workers don’t lose (right away, anyway) – just the tax payers, as the government will assume all of this problem.

  5. Maybe I could do better, maybe I couldn’t. But I am not asking for a bailout. The fact is that good companies do better and succeed. Others do not and die. Economic Darwinism at its best. No bailout if it was my decision.

  6. BlackFlag says:

    I agree – no bailout. The companies need to get free of the union ball and chain.

    I would bet that the car companies are asking for a bailout merely for ‘face’ and behind the scenes are telling the government not to give it to them.

  7. An interesting possibility BlackFlag. It would be a good strategy to take back power from the unions. I will have to consider that more as I read. Thanks for the insight.

  8. lingeringmethane says:

    First things first;
    I am totally against the bailout of the Big 3!

    I want to clear the air a little here. You all are basically calling the Big 3 victims of the union: singular; unions denote more than one, there is only one the UAW. There is this thing it’s called a collective bargaining agreement otherwise known as “the contract” or “the book.” Both management and labor agree on the contract, no one holds anyone hostage. GM, Ford and Chrysler have been around awhile and know how to deal with the unions. All those years they were flourishing, they had plenty of warning signs that times were changing and that they need to act before they literally got ran over. They have slowly been losing market share since the Jap companies came into the picture.

    Lets look at the facts; Unions very important, they are responsible for 90% of the labor laws that YOU currently enjoy to keep YOU (that would be all American workers) protected from big business having their way with you. They keep the competitive wage higher so that even non-union employees can enjoy better wages and benefits. Without unions minimum wage would be in the toilet while inflation and cost of living would be at its current rate. All businesses would be able to dictate when and at what rate they would pay you. If unions are outdated than why did recently all of major sports players organize? NFL and MLB players union hmmmm? Could it be that the owners were taking advantage of the players? You can’t fault the employees for wanting better pay and benefits, don’t you? Now I would agree that there have been some problems in the past with corruption in union LEADERSHIP, most if not almost all of them have been dealt with. I would also agree that there needs to be renegotiations in the contracts. To blame this on the union is ridiculous, government has had their hand in it as well with their restrictions regulations.
    I am assuming that this blog was set up to inform the public about what is going on in our government and that we need to change it. You are bitching and moaning about how the government is taking away your rights and way of life and yet you want to do the same to the union workers. That is very hypocritical.

  9. Lingering,

    Some fair points. It is union and unions. I will beg to differ, however, on the somewhat “angel” status that you have applied to the union. It is a collective bargaining agreement, however, let us not forget that the CBA has been reached in each of the past three negotiations only under the threat of a worker walkout (read as pay us more or we will shut your factory down). I understand completely the good that the unions in America can do. You are absolutely right in all the things that you say that they have done for the American worker. However, they have also done quite a few things wrong. For one, they have negotiated themselves into a position where terminating a union employee is next to impossible. The teachers union is a great example of this. They have also negotiated themselves into a position where we have union employees paid to not work, further increasing capital expenditure with no means of recouping. The MLB and NFL players certainly did get unionized, and for good reason. However, after some time in office, the union now serves to fight any form of penalizing a player for any reason, even when players shoot up a bar, shove a referee, or punch a fan. Furthermore, we can blame the steroid era on the fact that the union absolutely was the blocking force to any form of league substance abuse testing, only finally giving in under congressional pressure. And lest we forget that should a player choose to agree to a reduction in pay in order to allow management to use the extra cash to sign better players, the union will not allow it. The union has the ability to tell a player and the employer that the terms they have both agreed to are no good and won’t be allowed. That, my friend, is the side of the unions that you failed to mention.

    Now this is not to say that I hate the unions or even that I think they are inherently evil. As I said, they serve a good purpose. But to claim that they have not played a key role in the consistent downfall of the auto industry in America would be ignoring the facts. I suspect that you are a member, and I certainly did not mean to upset or insult you, as I am sure you know. But understanding what got us here is a key part of understanding how to move forward. And the union is part of that equation.

    On the flip side, I agree 100% that the government is a large part of the problem as well. The oil industry plays a bigger role than most want to admit. I perhaps was not clear enough when I stated first and foremost that the problem was the business practices of the companies, failure to plan for and adjust to changing markets. I gave the second cause as the oil companies and the dirty hands they have had in the industry for years. I listed the union as the third reason, certainly not the only reason as you seem to have taken it. And I certainly did not do a good enough job of explaining that the government itself was a big part of the problem. It was 4:54 am when I posted this post. Perhaps just a little slack could be cut for me if nothing else for a lack of caffeine. The government is certainly the issue on this site and I have not claimed otherwise. But understanding the auto bailout means discussing ALL of the problems in the industry. In this case, that unfortunately includes the UAW. I am not for taking any rights or way of life from union workers. I merely suggest that forcing a renegotiation of contracts is a far better solution than 350,000 union workers waking up tomorrow with no job, no pension, and no skills outside of the factory.

    Can’t we just go back to photon torpedos and laugh a bit?

  10. And Lingering…just another note.

    I do apologize for lumping all union workers into one basket. That isn’t fair of me. But you do understand that from my perspective I am unable to comprehend why someone who does nothing but put the left front tire on a malibu is making $100,000 a year while teachers with Masters degrees are making an average of $45,000, right? It isn’t that I don’t want people to make a living. I don’t want anyone to lose their job, but it is not my responsibility to pay for the fact that these workers didn’t do anything to prepare for a possible future outside the factory.

    Just to be absolutely clear on my reason for not wanting a bailout…I don’t think the big three should get a bailout because they have failed to run their companies in a way that enabled them to succeed. Nothing more and nothing less. I am a strong believer in economic darwinism. You run your company profitably or it dies and someone else replaces you. The union workers will then work for whomever steps in and takes the place of the dinosaurs. No company in America should have any further hope than that.

  11. lingeringmethane says:

    Yes I am a member of a very strong union.I was basically responding to the post to pittsburg where you said:
    “They are outdated and corrupt. They are as crooked and self-serving as any part of our government. And more than anything, they are bad for business.”
    It really struck a cord with me. I cannot speak for the UAW, I can only speak for my union, which I am a PROUD member. I know that in the past unions got very arrogant and thought that they would never loose market share. Well that happened and saw market share drop badly. I can tell you having worked on both ends of the spectrum, union labor is safer, better, drug free, on time and under budget and done right the first time.

    I never said that the UAW didn’t play a role in this. Because I have the luxery of not working for them I can say this: I have no sympathy for the businesses that make millions upon millions of dollars while employees work in dangerous conditions that upon retirement receive on average 6 pension checks. Why shouldn’t they get a piece? My how the tables have turned on them 80 years later! It is the lack of responsivness of their business agents to solidify future work and keep the membership informed. It is also a lack of responsiveness by the company in not keeping up with the jones. They just recently in the past couple of years began dumping their nest egg into other technologies, too little too late!

    Again I cannot speak for other unions but it is not next to impossible to terminate an employee.You can’t walk in one day and say your fired which anyone who does not have a union is threatened with every day. You just have to have documented cause.

    Take unions away the work force will become transient and uneducated. Kent might get his wish as we will have no roads, bridges, police, firemen, and most of all highly trained fitters.
    After I read that quote and the other ball and chain comment up there I forgot everything you wrote on the top because I blew mine.
    Just remember there is no substitute for a union skilled craftsmen!

  12. lingeringmethane says:

    Apology accepted. But as far as the 1ook to 45k of teachers you are talking about a business compared to goverment as the management and we all write our own contracts. I too am upset with the teachers saleries, maybe if they “shut your factory down” it would change.

  13. Lingering,

    In retrospect, I think that I knew you were a union member (which had I considered that may have tempered my outburst a bit, I don’t like insulting friends). I did say what you quoted so I hope my apology was accepted and we can still joke about the enterprise and mongolian helmets.

    I think the biggest mistake that the big three made was adhering to the requests of the oil industry in America. Big Oil didn’t want a more fuel efficient car, so they worked to make sure that the big three didn’t create one. We have all heard the stories of oil companies buying the patents on more fuel efficient privately developed cars in order to shelve them. But the industry started showing signs of needing to get alternative energy moving and the big three would have been smart to see the writing on the wall and immediately make a move towards R&D in this area. Instead, they slowly prodded into changing their models and banked on the fact that they controlled the American public’s desire rather than the public dictating what the should bring to market.

    Unfortunately for Detroit, the tide changed and they no longer had the ability to dictate to the market what would be available. Americans have begun to demand more fuel efficiency and this put the big three, who leveraged success on the Truck and SUV market, in a big bind. They simply were not ready to meet demand and got caught flat footed. All the while they were unable to overcome the notion that they created a product that was inferior to foreign alternatives (While I agree that if you want a job done right you can give it to a union fitter, unfortunately I believe if you want a car built right right you are going to have to give the job to Tokyo #17649).

    To wrap up my due ass kissing on the union to get back in your good graces, allow me to re-state the comment that blew your top initially…. I do believe that the unions in America are somewhat outdated, and that some are corrupt, but I will admit that the corrupt are not the majority. I will change my position yet again and say that they are NOT bad for business, but they must learn to be a bit more yielding in the face of a struggling economy. I will not remove the self serving comment though, but I will limit it to the teacher’s unions. They are the only ones that I can speak on the self serving part. If you see my comment with the quote from the president of the NFT, you will see what I mean (in the education thread). My point was not to disrespect any of the hard working union employees out there. OK, I am out of ass kissing mojo, I just don’t do that very well.

  14. Oh you accepted my apology without the ass kissing…..damnit!

  15. Obviously, I am against any bailouts for anyone ever. If your business can’t make it, it should fail. There is no such thing as “too big to fail”. If the market selects smaller, more efficient (or bigger more efficient, businesses) you should adapt accordingly. If the amount you pay your workers is part of the problem, the workers should understand that. If they hold you hostage to their wage demands, then they may have just sealed their fate. Wages, as well as ALL costs of doing business, are part of the equation and can’t be ignored.

    But, neither can the desires of the consumer be ignored. You can’t make something “for their own good” and expect people to buy it if it isn’t what they want. I would like good gas mileage or a vehicle that ran on some other energy source (my first car was electric), but I need a car that I can fit into. Small cars don’t work for me. I am 6’3″ and wear 40″ inseam pants, so legroom is non=negotiable. And I always wear a hat so I want headroom as well.

  16. The integrated nature of our economy, by definition, shows us that if the Big Three (all or a subset) eat it, then there will be a significant impact in the economy. Lets get something straight – yes our economy is massive. However, wherein an auto plant is the primary employer in Podunk, PA then significant layoffs will affect every other business in Podunk, even ones that are only tertiary to the auto industry. This is the idea of the value chain – you change one part of such a massive value chain it affects the rest of the chain. (http://en.wikipedia.org/wiki/Value_chain)

    People often bitch about and point the finger at the Unions – yet let us remember that blue collar labor was long the backbone of the economy so many of us have enjoyed the spoils of. I tire of reading the attempts to intellectualize away the plight of the labor employee who is enjoying the benefits of working his/her ass off doing a job many wouldn’t peel their starched white shirts off to perform even if their lives (or healthcare) depended upon it – it amounts to thinly veiled class warfare. The same folks who whine about how the Union screwed Detroit tend to be the same ones that hate government intervention in the free market – yet oddly think the government should have flexed muscle with the Unions. Can’t have your cake and eat it to folks – yes – the Unions have twisted the economic relationship b/n workers and management and yes – there should have been more intervention by DOL rather than watch an un-manageable situation develop as we have now.

    I would suggest that a bankruptcy of one or many is imminent. I also think that significant business model change is imminent – however, rather than close our eyes, flush the Big Three toilet and wonder if all three turds go down the toilet, there should be a supported and required change to how these folks do business. This isn’t about Nationalizing the auto industry, but we should see detailed and concrete plans that show how they plan to change, what new leadership they are going to bring in, and how the value chain will be impacted. I think the chain needs to contract, at least in the short term – which sucks for people that were simply trying to earn an honest living in associated and ancillary businesses, but for Detroit to change significantly w/o crapping the bed then the chain needs to be supported in that chain. Lastly – none of this should be a bailout, a loan with very strong and well managed strings.

  17. “well managed strings”

    In other words, socialism? Using my money to save someone else’s business is wrong. Unless, in exchange, they send me a new car to pay me back for my “investment”.

    I don’t think the government should have done, or should now do, anything to the unions. But, forcing people to join is coercion and is wrong. Why can’t businesses fire employees who join a union? If a business doesn’t wish to hire union workers, that is their business. If a business doesn’t pay enough, people are free to work somewhere else or start their own business. Only lack of money and excess of government regulations get in the way.

  18. BlackFlag says:

    I have no problem with unions per se – people can voluntarily organize themselves as the see fit.

    I have a problem with government enforcing unionization on companies. Freedom is not a one-way street. The right to unionize is placed by the right of the company to operate freely as well.

    This holds the other way as well. I don’t support corporate goon squads inflicting violence on workers either.

    The problem with unions in America is they got political power – that is, they had gained government law to force companies to agree to their demands.

    So, we have GM paying health care for 1.1 million people – and going bankrupt doing it.

  19. “In other words, socialism? Using my money to save someone else’s business is wrong. Unless, in exchange, they send me a new car to pay me back for my “investment”.”

    News flash – what you’re actually advocating thus is more egalitarian, bordering even on libertarian socialism. Try as one may to obfuscate the activist nature of economic socialism that has been part and parcel of our governance constructs for close to seventy years (hell, you could even source some of this back to policies enacted by / on behalf of Madison + Monroe with the likes of Robert Fulton),it is still a pervasive and inescapable fact that a central role in any government is to help ensure (not ‘insure’) the economic viability of its industries and business. One may find it distasteful and may plop anything smelling of ‘control’ into a socialism bucket, but you’ve long lived in and enjoyed the spoils of socialist-leaning policies. Still think I’m full of shit? Ask any small business owner you patronize that used an SBA loan to get on their feet.Like the fact that your deposits are insured at the local bank? Who the hell do you think NCUA is? The original article was more and unintentionally prescient that perhaps it realizes – it is because of ‘anti-socialist’ dickheads like Ronald Reagan that we have ended up like this. As you don’t recall, it was Reagan who killed the very mileage per gallon benchmarks years ago that would have forced the Detroit buffoons to be more competitive for years to come – instead we end up with ‘rich oil companies’ and product lines no one wants to buy. We’ve spent years (and will spend many more years) catching up from that screw-up. I’m not suggesting free money to these jackasses – but doing nothing is a terrible way to alligator-arm a problem like this. Your pay back is that any money loaned is loaned and not given, and you can wake up tomorrow with a least a little more of a safety net. I’m just not okay with saying “F it” let them suffer – surely we will all thus suffer to varying degrees.

  20. I was kidding about the car. Sorry I didn’t make that clear. I sometimes tend to joke and forget that some people don’t know how seriously I take my beliefs.

    I don’t accept socialism even when it would “benefit” me. Accepting anything from government is like milking a grizzly bear; you may be well-fed for a while, but eventually you will get mauled.

    I have had a couple of small businesses, which both failed, but I never tried to get a SBA loan. I’d rather go to a freelance loan shark.

  21. Wow…so much happening while I am at work. Where to start? OK I will start with Ray….

    One or two thoughts that I want to either reinforce my position on or take issue with. I don’t advocate the government doing anything to force companies to deal with unions or unions to deal with companies. i don’t want the government to attempt to control unions. I do believe that unions got a little too much “government involved” in some cases. However I think they hold enough power due to the fact that most of the true talent in any profession exists in their membership roles. They have every right to organize and every right to demand fair pay and safe working conditions. The only issue I have is when they gain too much power due to government intervention, as is the case with the UAW, and therefore gain the ability to stop an industry unless their demands are met. So I just want to be clear that there are things that I believe the government is right to be involved in, although those areas are extremely limited. And I don’t want them regulating unions any more than I want them regulating business. Do just enough to keep people honest and I can live with that.

    I am not a starched white collar, and I don’t want to intellectualize the plight of the union worker. I am a regular guy with a regular job, and I work hard too. I gain education wherever I can, to the tune of several degrees. I take pride in my work, I am good at what I do, really good. And that isn’t taking into account that I did what I consider one of the dirtiest hands on jobs in America for over 8 years. So I don’t think I speak as someone unwilling to work or who doesn’t understand how hard union workers work. But when you are getting paid $78 an hour to NOT work, I have an issue with it. That is what the UAW has accomplished. I will never claim that the unions are THE problem in the auto industry, but let’s not pretend that the UAW hasn’t had plenty to do with the situation that we find ourselves in.

    That is one problem I have have with the bailout. The big three have not at any point come forth with any detailed plan as to how they are going to use the money to become more competitive. In fact in their first trip to ask for the money, when asked what the plan was, one of the CEO’s actually said “just give us the money, we’ll figure out what to do with it.” And on the second trip where they submitted some form of a plan, it wasn’t to change the way they do business. And in my eyes that is what they need to to, change the business model significantly. They have never, at this point, even alluded to acknowledging this critical step.

    Is our economy integrated, yes. Will we see an impact if they fail, sure. But I think you overestimate how big of an impact. That is the beauty of the market, where one falls another rises. I submit that if we didn’t help them (which is becoming a moot point since we are going to bail them out anyway), all three wouldn’t fail, probably one would.

    But here is one very big point that you need to understand before defending the government’s decision to bail out the big three. See, one aspect of Chrysler that many seem to fail to take into account is that they are owned by Cerebrus Capital Management, one of the largest private equity investment firms in the united States. CCM also owns Bushmaster firearms, Remington Firearms, American Coach Bus Lines, Bayer Pharmaceuticals, National and Alamo Car rental, and a 51% share of General Motors GMAC Finance Group (and this is a VERY partial list of what they own). They should have some cash to put into failing Chrysler, right? Although Cerberus owns 80% of now troubled Chrysler Corporation, it has refused to inject cash into Chrysler. But we are supposed to inject the cash that Chrysler’s owners REFUSE to inject.

  22. And I do ask that we refrain from calling former Presidents any vulgar names. You all know how I feel about the government, but I do respect the office. I do my best to refrain from doing so regardless of how I feel about the President. And you are talking about one of the better Presidents that we have had, and a personal favorite of mine.

  23. Hello. I was reading someone elses blog and saw you on their blogroll. Would you be interested in exchanging blog roll links? If so, feel free to email me.

    Thanks.

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