But I thought that the UAW was responsible for American automobile manufacturers’ failures December 22, 2008
Posted by Evil Bender in News and politics, economics, wingnuts.trackback
We’ve been told for weeks now that the problems at GM and Chrystler (Ford is doing pretty well) are because of the unfair concessions they’ve had to make to the UAW. Of course, one might argue that if providing actual wages and benefits to one’s employees is unfair, a bunch of idiots on Wall Street are the real villains. Or we might note that, if benefits and retirement are such a burden for American companies, we’d benefit everyone by socializing medicine and providing a much stronger retirement safety net.
Or we could just observe that even well-structured, non-union companies are struggling, suggesting that the problems are more about American automakers business decisions and the financial crisis turned global recession. You see. Toyota is bracing for their first annual loss in 71 years.
Japan’s biggest carmaker Toyota has forecast its first annual loss in 71 years due to plummeting sales and a surge in the value of the yen.
The firm said it expected a loss of 150bn yen (£1.1bn) in yearly operating profits – from its core operations.
[...]
Toyota said in a statement it was cutting its profits forecast because of the soaring yen “as well as a review of sales plans following a faster than expected contraction of the auto market”.
Japanese carmakers have all been hurt by plummeting car sales in their key overseas markets, including the US.
Nobody tell Confederate Yankee: it may break his brain.
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