Chrysler may be sold

[Sweetpea]

Not sure if anyone has been following what's been going on at Chrysler. It may be sold. Chrysler is a big part of my City. My family has worked for them for years. My Grandfather, my father(35 years) retired in 1988 and my brothers ( 30 years & 12 years). Most of the people in my City work for one of the big 3. Things haven't been going well for any of the car companies. Many small factories have closed in Windsor. We have the highest unemployment rate in Canada. My Bf was laid off last month. Due to outsourcing to China. I just hope something will stop this deal!!! It's going to be really ruff on everyone.

http://www.bloggingstocks.com/2007/0...ave-been-sold/

[KennelMom]

Due to outsourcing to China.

That's a VERY oversimplified answer. Companies have to turn a profit to keep investors investing. When countries put laws in place that dictate a high cost of doing business, it ultimately impacts the workers. Short term, workers may get better benefits b/c of laws (workers comp, unemployment, health insurance, etc...) but in the long run, the company will go where it makes better fiscal sense to do business.

And don't forget the taxes that corporations pay (well, corporations don't pay taxes, individuals pay taxes). A more socialized government has to get thet money from somewhere in order to redistribute it...it all trickles downhill. And ultimately you have companies that can't afford to manufacture in one country so they export "manual" labor type stuff to more favorable areas.

I hope your area officials are able to entice new industries to the area to help alleviate unemployment.

[Cassiepeia]

Welcome to the club, I think half of Australia has been sold to America. Nothing is ours anymore.

However, I'm sure there is a good reason for it. We do have to think about the people who own the company and the fact that we don't know the ins and outs of their financial situation. Sometimes selling up is unavoidable.

Cass.

[britishbandit]

Yeah, this really sucks!

The major job source in Windsor is the car plants, not only the Big 3, but the suppliers and molding shops. First it started with small layoffs, then to major layoffs, now companies are closing down or going bankrupt like it's going out of style.

I'm seriously debating on "getting out of dodge". With all this talk about even more jobs being lost to meet the Kyoto deal, Windsor hasn't seen the worst of it yet.

[LilacDragon]

Try living in Detroit or the 'burbs! The economy really stinks, the unemployment rate is the highest in the country and you can't drive a block without passing a couple of houses for sale.

One must wonder what will happen since an investment company now owns Chrysler. My experience with investment companies that own businesses - the spotlight is taken off of the product and put on making the almighty dollar. It will be interesting to see the effect this has on the quality of the new cars.

Oh - my brother is a Chysler mechanic who works at a dealership. I certainly hope this doesn't have a negative effect on his job.

[TribalRats]

Originally Posted by LilacDragon

One must wonder what will happen since an investment company now owns Chrysler. My experience with investment companies that own businesses - the spotlight is taken off of the product and put on making the almighty dollar.

This was my thinking as well. It is not as if this is a company owned by a Mom and Pop operation and cut backs need to be madesot htat the Chryslers can keep the family home.

In my opinion money, the selfish and haphazard pursuit of money is the achilles heel of this great nation. There are more important things in life then being richer and getting ahead of the Jones's .

I am sorry Sweetpea that this is happening to your family and Lilac From what I have read Detroit has been plagued for years by the downward spiral of their economy. I wish things were different.
Good luck to you both and your families.