On Fri, 12 Dec 2008 18:14:19 -0500, "Ed Huntress"
wrote:
"A Troll" wrote in message
.. .
On Fri, 12 Dec 2008 08:50:49 -0800 (PST), Millwright Ron
wrote:

$73 an Hour

Sorry that the party is over and that the punch bowl is being taken
away.
Join the real world.

BUT....

We all get a new rice bowl with the factory logo, a neat hat, and lifetime
discounts on bicycle tires.

The Third World is US!
================
The news on most of the auto blogs is that the Chrysler vendors
are rapidly moving to supplying parts only on a COD basis.

Several of the blogs have Chrysler purchasing management
refusing, but they ain't getting the parts either.

A review of some of the comments by our Congressional gasbags and
Kamakazies/suicide bombers indicate they expect the vendors to
"do their part."

As many of the vendors have been driven to the brink of
bankruptcy, and in many cases are now working at cost, in
addition to providing zero interest loans through the "90 days
same as cash" Detroit vendor payment plans, it is unclear exactly
what they are supposed to do.

The Detroit car companies would do well to remember that ANY
three creditors can file a bankruptcy petition with the court in
addition to the company itself, and the location can be critical,
as some jurisdictions are much more "business oriented" than
others.

I look for a Sunday B/K filing, ala Lehman Brothers, late at
night. Chrysler/GM/GMAC/REsCap are all "joined at the hip," and
when one goes they all go.

It will be interesting [in the sense of watching a train wreck]
to see how the CDS [credit default swaps] playout, and what
happens to the banks when they must write down their GM debt to
zero in accordance with mark to market.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).