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GM bailout funds to be used to build plants overseas
E-Mail Received December 4, 2008
GM executives make public appearances with cup in hand, begging for a bailout of public money provided by tax payers at a time of HUGE federal deficits. Since clearly we don't have the money, thanks to tax cuts, the money will have to be borrowed at prevailing interests rates. And with all the cherry picking of facts those same GM executives don't tell you they could just go to the same financial institutions (i.e. JP Morgan Chase and so on) to receive loans who those have already been bailed by tax payers.
When congress forced the bailout on America's tax payers they opened the door to other industries who immediately followed like hungry hounds. Congress taught the business community that crying wolf would pay off especially when george bush was the sitting president, so now the die is cast.
The big 3 auto makers, like all efficient lobbyists and pundits in Washington DC, claim the sky will fall and jobs will be lost unless there is a bailout. All the while these same companies outsource American high tech jobs leaving thousands of us in the high tech community searching for jobs and even new careers. Where was the cry for help them? The question must be asked: are the big 3 auto makers telling the full truth about potential job loss to America if they go out of business?
But It would seem they've cherry picked data once again because they've been outsourcing all along and here are some very recent articles documenting their own outsourcing. Please read, please contact congress, please oppose the bailout. If high tech workers who have lost their jobs cannot get a bailout, then the big 3 should not get a bailout either. This country is supposed to exist for people - NOT for big business.
One topic no one mentions in the Detroit Bailout controversy is all the offshoring that has been, and still continues, in the auto industry. GM just announced new plants in Brazil, Russia and India, coinciding with plant closings in America.
Guess where the bailout money will go?
Story
General Motors to invest $1 bn in Brazil plant
Wed, Nov 19 11:49 AM
Sao Paulo, Nov 19 (IANS) US automobile giant General Motors (GM) plans to invest $1 billion in Brazil to avoid in their Latin American unit the kind of problems it is facing at home, EFE reported Wednesday.
........
According to Jaime Ardila, chief of GM Brazil-Mercosur, the funding will come from the bailout package from the US government and will be used to 'complete the renovation of the line of products up to 2012'.
Story
GM Opens $300 Million Russian Plant to Boost Sales
Nov. 7, 2008 (Bloomberg) -- General Motors Corp., the world's biggest carmaker, opened a $300 million factory in Russia as it looks to compensate for slumping sales in western Europe and North America.
Story
GM opens second India plant
The Associated Press
Published: September 2, 2008
........
GM's investment in India, which now tops US$1 billion, pales in comparison with that in China, where the company produces more than 1 million vehicles a year. GM has poured US$5 billion into its China operations and plans to invest US$1 billion a year going forward, company officials said.
........
About 30 percent of the 9.5 million vehicles GM manufactures each year are made in Asia, a ratio Reilly said would likely jump to nearly 40 percent in the next five years.
Story
GM's $3B Investment Will Muscle Up Chinese Manufacturing
Week of June 21, 2004
........
No surprise, then, that GM, Ford Motor Co., Volkswagen and Toyota Motor Corp. in the past eight months alone have disclosed plans to invest some $10 billion in bulking up Chinese sales.
........
Chinese Earnings Equal 54 Percent of GM's North American Profits
Story
GM plant's closing like death knell in Dayton
Story Highlights
GM assembly plant closes for good two days before Christmas
Moraine, Ohio, plant's closing ripples through its supply chain
Many workers worry plant's closure will mean end of town
Worker: 'The American dream has backfired on everybody'
........
Jobs lost in Dayton
A look at how GM's woes have cost jobs in the Dayton, Ohio, area:
• GM Moraine Assembly: 5,000 jobs lost
• Supplier Jamestown Moraine: 200 jobs lost
• Supplier Moraine L.O.C., 170 jobs lost
• Supplier Delphi, 3,000 jobs lost
• Supplier CEVA, 170 jobs lost
-- Source: IUE Local 755
Thank you, Congress. Another American city devastated.
E-Mail Received December 4, 2008
GM executives make public appearances with cup in hand, begging for a bailout of public money provided by tax payers at a time of HUGE federal deficits. Since clearly we don't have the money, thanks to tax cuts, the money will have to be borrowed at prevailing interests rates. And with all the cherry picking of facts those same GM executives don't tell you they could just go to the same financial institutions (i.e. JP Morgan Chase and so on) to receive loans who those have already been bailed by tax payers.
When congress forced the bailout on America's tax payers they opened the door to other industries who immediately followed like hungry hounds. Congress taught the business community that crying wolf would pay off especially when george bush was the sitting president, so now the die is cast.
The big 3 auto makers, like all efficient lobbyists and pundits in Washington DC, claim the sky will fall and jobs will be lost unless there is a bailout. All the while these same companies outsource American high tech jobs leaving thousands of us in the high tech community searching for jobs and even new careers. Where was the cry for help them? The question must be asked: are the big 3 auto makers telling the full truth about potential job loss to America if they go out of business?
But It would seem they've cherry picked data once again because they've been outsourcing all along and here are some very recent articles documenting their own outsourcing. Please read, please contact congress, please oppose the bailout. If high tech workers who have lost their jobs cannot get a bailout, then the big 3 should not get a bailout either. This country is supposed to exist for people - NOT for big business.
One topic no one mentions in the Detroit Bailout controversy is all the offshoring that has been, and still continues, in the auto industry. GM just announced new plants in Brazil, Russia and India, coinciding with plant closings in America.
Guess where the bailout money will go?
Story
General Motors to invest $1 bn in Brazil plant
Wed, Nov 19 11:49 AM
Sao Paulo, Nov 19 (IANS) US automobile giant General Motors (GM) plans to invest $1 billion in Brazil to avoid in their Latin American unit the kind of problems it is facing at home, EFE reported Wednesday.
........
According to Jaime Ardila, chief of GM Brazil-Mercosur, the funding will come from the bailout package from the US government and will be used to 'complete the renovation of the line of products up to 2012'.
Story
GM Opens $300 Million Russian Plant to Boost Sales
Nov. 7, 2008 (Bloomberg) -- General Motors Corp., the world's biggest carmaker, opened a $300 million factory in Russia as it looks to compensate for slumping sales in western Europe and North America.
Story
GM opens second India plant
The Associated Press
Published: September 2, 2008
........
GM's investment in India, which now tops US$1 billion, pales in comparison with that in China, where the company produces more than 1 million vehicles a year. GM has poured US$5 billion into its China operations and plans to invest US$1 billion a year going forward, company officials said.
........
About 30 percent of the 9.5 million vehicles GM manufactures each year are made in Asia, a ratio Reilly said would likely jump to nearly 40 percent in the next five years.
Story
GM's $3B Investment Will Muscle Up Chinese Manufacturing
Week of June 21, 2004
........
No surprise, then, that GM, Ford Motor Co., Volkswagen and Toyota Motor Corp. in the past eight months alone have disclosed plans to invest some $10 billion in bulking up Chinese sales.
........
Chinese Earnings Equal 54 Percent of GM's North American Profits
Story
GM plant's closing like death knell in Dayton
Story Highlights
GM assembly plant closes for good two days before Christmas
Moraine, Ohio, plant's closing ripples through its supply chain
Many workers worry plant's closure will mean end of town
Worker: 'The American dream has backfired on everybody'
........
Jobs lost in Dayton
A look at how GM's woes have cost jobs in the Dayton, Ohio, area:
• GM Moraine Assembly: 5,000 jobs lost
• Supplier Jamestown Moraine: 200 jobs lost
• Supplier Moraine L.O.C., 170 jobs lost
• Supplier Delphi, 3,000 jobs lost
• Supplier CEVA, 170 jobs lost
-- Source: IUE Local 755
Thank you, Congress. Another American city devastated.