Senators didn’t pass the [tag]loan[/tag] for automakers tonight, because [tag]UAW[/tag] didn’t accept lowering salaries of employees to the same level as Japanese [tag]automakers[/tag] in the US. The US [tag]manufacturers[/tag] have about $69/hour salary overhead per employee, Japanese producers manufacturing in the US are at about $48/hour level ([tag]Gross salary[/tag] with all [tag]benefits[/tag]). I have only a few thoughts regarding this situation:
1) UAW acts as stupids. They do not accept lowering company’s overhead to help the company in a [tag]crisis[/tag], which may potentially cause [tag]bankruptcy[/tag] of the company and a loss of all employees’ jobs.
2) No surprise that Japanese automakers are occupying a larger [tag]share[/tag] of the [tag]market[/tag]. With cheaper labor they can produce better cars for better price. If the US companies are not willing to do anything about it they deserve bankruptcy.
3) Tomorrow we may expect a great turbulence in the [tag]stock market[/tag], which may end up the rally attempt. Hold your hats, the roller coaster is speeding up.
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