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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-04-08 11:50 PM
Original message
Could you survive on a 40% income reduction while having to live with fixed costs reflective .......
...... of your former income?

Think about it. That is what happened - in the short term - to the car companies.

Honda was actually down more than was Ford.

Dead car sales **is** a cut in income.

The foreign car makers get government support. From us (tax incentives, paid for by taxes from blue states and paid out by union busting red states) and from their home governments.
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NMDemDist2 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-04-08 11:54 PM
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1. when that happened to me in 2004
I declared Chapter 13
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mwooldri Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:35 AM
Response to Reply #1
10. We got luckier in 2002.. Chapter 7.
But the income went down by 55% - wifey had to quit her job for medical reasons, leaving me as income earner. and it was tough! Yes she made more than me, but we were stupid and too highly leveraged.

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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:02 AM
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2. I already have but no one is bailing me out.
I just have to keep initializing economies and some creative solutions to make up the difference.
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Muttocracy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:07 AM
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3. I've done that for a while a few times, but I'm still paying down the debt from it. nt
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:09 AM
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4. More questions... Would Germany ever allow VW to fail?
Would Japan ever force Toyota to file bankruptcy?

The answer is NO to both.

Only in America, and the "let them die" mentality is an extension of the same mindset that says we dont need good jobs here, so outsource them so the corporations can make more money.
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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:24 AM
Response to Reply #4
5. It is the "pull yourself up by your bootstraps" bullshit
In other words ...... the republican/conservative mindset
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cabluedem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:37 AM
Response to Reply #4
11. Now you (and we) know why the US doesn't have a National Health-care Plan. Work or Die......
It's the American way, dontcha know?
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LeftyMom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:26 AM
Response to Original message
6. Happened to me this spring.
Needless to say, nobody's given me jack shit.
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Historic NY Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:49 AM
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7. I've been trying & its eaten up my saving since I retired on disability.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:26 AM
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8. That's the real problem with the bail-out.
If the companies lacked capital because of the stock market alone, the bail-out would be the answer. But the companies lack capital because nobody has the money to buy their cars. So, until the whole country gets on its feet, the money invested in helping the car companies, however well meant, will not make a difference. There will just be a lot of cars on the market and no buyers. The UAW workers will keep their jobs until the glut of unsold cars is just so great that it becomes obvious that the bail-out did not resolve the fundamental problem.

And what is the fundamental problem? The outsourcing of American industrial and high-tech jobs and the corresponding reliance on service jobs to keep the economy going. It just does not work. We have to have clean energy to fuel clean industry. That's the only way to get our economy back and working. The automobile industry is a part of the clean energy solution, but it is only a small part of that solution. Obama needs to go ahead with the strategy he announced during the election campaign -- invest in alternative energy and building a grid that can accommodate energy from different sources, wind, solar, the ocean, oil, coal and everything as long as it is clean and safe.
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oldnslo Donating Member (222 posts) Send PM | Profile | Ignore Fri Dec-05-08 04:33 AM
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9. Yew Betcha. It's called "retirement." or "golden years."
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