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  1. #16
    Official Bagista
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    Default Re: Speaking of stores that are closing...

    Quote Originally Posted by boysRsmelly View Post
    I think if General Motors goes under then it will be the company's own fault. The dumbies kept pushing overly expensive SUVs that did nothing but consume gas. Americans started buying less expensive foreign cars that got better gas mileage. It's sad really because the company pretty much screwed all of its employees.
    So true, but still doesn't take away the dramatic effect it will have on the economy. The government will have to pay all the guranteed pension benefits that were insured under the PBGC, and then many states will have the burden of providing unemployment benefits when they aren't receiving any more premiums from the companies that go under. Plus, the employees of automotive suppliers will probably lose their jobs - automotive suppliers will go under. The stores around where these jobs are at will probably go under because people won't have discretionary income.

    It's a delicate situation, and the immediate outcome won't be good. We should be back on track in about 5-7 years I would think ... although it won't be as excessive as it was recently.

  2. #17
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Speaking of stores that are closing...

    Quote Originally Posted by NashvilleDiva_83 View Post
    So true, but still doesn't take away the dramatic effect it will have on the economy. The government will have to pay all the guranteed pension benefits that were insured under the PBGC, and then many states will have the burden of providing unemployment benefits when they aren't receiving any more premiums from the companies that go under. Plus, the employees of automotive suppliers will probably lose their jobs - automotive suppliers will go under. The stores around where these jobs are at will probably go under because people won't have discretionary income.

    It's a delicate situation, and the immediate outcome won't be good. We should be back on track in about 5-7 years I would think ... although it won't be as excessive as it was recently.
    Yeah, I agree with you there. The auto companies are begging the government to get bailed out. They don't don't deserve it, but it might be necessary to keep the whole thing from imploding on itself.

  3. #18
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    Default Re: Speaking of stores that are closing...

    Actually, as sad as it sounds it would almost be better for the situation if they just filed Chapter 11...they could get out of the nasty union contracts. Where else in the world can you work and make six figures a year with nothing more than a GED or High School Diploma? ... A UNION SHOP. Not saying unions are a bad thing...they are good...but it's not economically feesible to allow people to work for 30 years and quit. Then, you have a bunch of 50 year olds not working, still getting paid, and you are still paying their health insurance. That goes against consumer demands for lower prices...especially when you have foreign car suppliers such as Honda or Toyota building units in the UNITED STATES in NON-UNION shops and they don't have all those bells and whistles.

    Where I work, we have some union shops and the manual laborers in those union shops make almost twice what I do, with little or no training...and they have guaranteed jobs for the most part guaranteed retirement...etc...I am happy for them but the whole country can't be like that. You can't get money for not working...

  4. #19
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    Default Re: Speaking of stores that are closing...

    I will add that my father and grand mother are both retired union workers drawing a pension from General Motors...and I woudl hate for them to lose their benefits, BUT!!! We can't let the rest of the country go in to a depression with 20% unemployment just so that others can keep their benefits.

  5. #20
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Speaking of stores that are closing...

    ^^^ True. Unions are a good thing for the uneducated workers. But it is very difficult for a company to support such large wages when times get tough like they are now. The average consumer wants lower prices and these companies simply cannot afford it. So people buy their products elsewhere making the situation even worse. Mr BRS goes on and on all the time about how these companies have done nothing but dig holes for themselves.

  6. #21
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Speaking of stores that are closing...

    Another concern around where I live at the moment is the owner of several of the malls around here. Apparently they are experiencing some financial problems again. They had had problems in the past and were forced to sell off a bunch of their malls to another company (that is actually based outside the US). It looks like they are still having problems because they are talking about declaring bankruptcy on their remaining malls.

  7. #22
    Vintage Lover lilstrlett's Avatar
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    Default Re: Speaking of stores that are closing...

    Sometimes things need to fail for other things to survive. We will recover from what is happening to our country right now, but it will be at the loss of things. I agree with ND and bRS, they shouldn't be bailed out... it's not the government's job to save companies when they are doing poorly. I feel bad for people who are losing their jobs, because that is sad and I don't want people to be suffering. It's not their fault for what is happening with the companies.
    Mrs. Lawson
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