FORD CEO Alan Mulally on breakout profitability

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And the UAW is REJECTING the contract because FORD has the nerve to be PROFITABLE, slitting their own throats, again. Because they know their friend in the WH will cover them.  Unreal.

what toolz!

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November 2, 2009. Tags: , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Wall St. Comments off.

Market Update: BIG 3 Reprise on the Hill….LIVE testimony..

UPDATE 3: 3:36pm EST: 24 mins to the closing bell and the markets are down sharply. DOW down 302 to 8289; NAS down 65 to 1427 and S&P down 36 to 824. The autos are off a cliff since the negative tone of the Banking Cmte and tomorrow’s November jobs report is expected to be an utterly unmitigated disaster (that is my expectation anyway HA!). GM is down 17% now and bringing the DOW down with it… perhaps the Congress will get the message from the markets..10 yr at 2.54 50 YR LOWS….safety play still intact…

Killing the patient to save them? Robert Bennett R-UT actually suggested a FORCED merger b/w GM and Chrysler, and interestingly EVERY GOP Senator on that CMTE had the INSIDE info on the PRIVATE CONFIDENTIAL negotiations that were held last month b/w GM and Chrysler which GM pulled out of..I thought these guys didn’t like ‘socialist’ govt interventions? Now they want to write the terms of a shotgun wedding? Then Bob Corker R-TN just finished up by suggesting wage caps be a part of the deal..uhm hellooo free markets remember GOP, I thought they ABHORRED Nixonian experimentation with price controls?? I guess it is okay when they are putting the brakes on labor, pardon the pun…

Tomorrow, Part Deux when this panel appears before the House Cmte, and the BIG JOBS NUMBER tomorrow morning (cue sounds of Dragnet theme here)…

(more…)

December 4, 2008. Tags: , , , , , , , , , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, TARP, Wall St. 3 comments.

UAW Presser..Market Update: trading in the range…Bill Gross on mortgage rates…

I really don’t want Chuck Schumer, Henry Waxman or Nancy Pelosi to design my next car…do you????

thehomer

The UAW presser led by Ron Gettelfinger just wrapped up. Ron noted to wild cheering the apparent double standard b/w the financial Wall St bailouts and Main St – Detroit needs, but he said (and I paraphrase), we will live with that and work under that standard. He offered to look at the contracts but not reopen them. He said if GM goes down Chrysler will go down with it. I think he made the case AGAIN for Universal Health Care, helloooo DC anybody listening?

….During its meeting Wednesday morning, UAW brass — including analysts and local leaders from across the U.S. — discussed the changes they need to make. Two major changes being voted on include scaling back the so-called Jobs Bank that pays near-full compensation to idled workers; and a move to push back the date when a new health-care trust, known as a VEBA, needs to be funded, people attending the meeting said.

The VEBA trust was supposed to begin paying health-care benefits to retirees starting January 1, 2010, but the auto makers are running short of liquidity and likely unable to come up with the billions needed to initially fund the trust….

IMO this is enough to broker the bridge loan. Congress needed to save face and the Big 3 CEOs are driving to DC as a result, they left Detroit today in various hybrids. They will get a loan, Pelosi has already buckled, (maybe her city’s desire to be the new electric car capitol of the USA and her stock investments in alternative energy firms like Clean Energy Fuels looked a tad bit disingenuous coupled with her blocking any loan for the BIG 3):

…“I believe that an intervention will happen,” House Speaker Nancy Pelosi, a California Democrat, told reporters at a briefing yesterday as GM, Chrysler and Ford Motor Co. sent their plans to Congress. “Everybody is disadvantaged by bankruptcy, including our economy, so that’s not an option.”…

Hopefully it will be a small bridge loan until the new Administration comes in,.

Hey here is a task for Judas!! As Commerce Secretary mayhap that great negotiator Richardson can do something with this, he is, as Larry Kudlow noted today,  a supply-sider…

DOW trading in the range, now up 74.71 to 8493.80, NAS up 21 to 1470 and S&P up 8 to 857. The Fed’s Beige Book release is in one hour, I am looking for some action then….

Did everyone see Bill Gross this morning on CNBC? The Bond King says the 30 yr mortgage will fall to new lows and I plan to listen to him, he should know:

“The mortgage rate will come down another 50 to 100 basis points,” Pimco’s founder and chief investment officer said. “That’s basically what the government needs. They need a 4 1/2 percent to 5 percent 30-year rate in order to support home prices and, yes, to encourage refinancing and the process of reliquification within the economy.”

December 3, 2008. Tags: , , , , , , , , , , . Big 3, Economy, Finance, Politics, Wall St. 1 comment.

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