First, thanks to P6 for coming out and to T3 for setting us out.
Delphi files for bankruptcy. For people outside of Detroit this is small time news. Probably about as important as new cases of Avian Flu.
Sometime around the late nineties, both Ford and GM began to spin off their parts making enterprises (for Ford, it was Visteon) so they could become leaner and meaner, focusing more on building cars (and financing their purchase--a significant source of profit for both companies). In the case of Delphi, a deal was cut by GM that stipulated that if Delphi went under, GM would still provide for Delphi employees if Delphi went under.
GM doesn't appear to have those resources, but they still have the obligation.
A good friend of mine predicted that GM would file bankruptcy, SOON.
This is frackin crazy stuff. The executive golden parachute is what baffles me. How is it possible the people at the top are getting so much, while asking workers, the people who build, to go down to $10 an hour... insanity. It seems this system is in a continual state of decline.
On a personal note, I was with Chuck, my housemate, when he saw you outside "Live at PJ's" - I didn't get out of the car, because, I thought, no - he's not in town... :-) -- hope you and yours are well.
Posted by: Mark at October 10, 2005 08:15 PM
"Whats good for GM is good for the country" that statement reverberated thru amerika in the fifthy's,since bankruptcey is the new management technigue of the 21st century ;your friend could be right.
Posted by: tootsie at October 10, 2005 09:32 AM