On Tue, Dec 9, 2008 at 9:40 AM, David B. Shemano <[EMAIL PROTECTED]> wrote: > The auto industry is relatively sui generis in the sense that the labor and > retirement obligations are such a large share of the operating expense > structure. There is simply no way to adequately restructure the balance > sheet without modifying the labor and retirement obligations: no > modifications, then no auto industry in which revenues exceed costs. >
David, Thanks for this informative note. Btw I agree with you about the auto-industry. That is an industry badly in need of downsizing. There are too many automobiles in the world already! But how do you downsize an industry while being fair to the workers? Equity stakes to the UAW in return for concessions is certainly a good first step. It also seems like the perfect case for Sandwichman's pet theme of reduced working hours.. Instead of mass layoffs, how about a shorter work week? -raghu. -- "His credit rating is so bad that his junk mail comes postage due." - Anonymous _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
