GM suspends 401(k) match for salaried employees

[Marketneutral]

http://news.yahoo.com/s/nm/20051215/bs_nm/autos_gm_salaried_dc

As go GM, goes...........

 

[sgeeeee]

When I was working, we used to do our cost estimates and bidding based on estimates of required labor, required material and known overhead rates. The overhead rates, of course, were multiplication factors applied to labor and materials partially to account for the fact that we had to pay benefits including health care, pensions, 401(k) match, etc. Over the course of my career, I watched these multipliers creep up from as low as 1.5 to well over 2.0. Now that companies are whittling down all the benefits, I wonder how much change they've been able to bring to the multipliers.

 

[Marketneutral]

When I was working, we used to do our cost estimates and bidding based on estimates of required labor, required material and known overhead rates.  The overhead rates, of course, were multiplication factors applied to labor and materials partially to account for the fact that we had to pay benefits including health care, pensions, 401(k) match, etc.  Over the course of my career, I watched these multipliers creep up from as low as 1.5 to well over 2.0.  Now that companies are whittling down all the benefits, I wonder how much change they've been able to bring to the multipliers.

The goal will be to fire them and then hire them back on a contract with no benefits.

This will be achieved by filing for bankrucpcy - get rid of the union and hire people back via temp contracts.

In a global economy we can not make 50xs more then the next global economy....we are the imbalance....and it will balance and most Americans do not realize it.

Heck Mexico is outsourcing jobs to China now.

 

[Lazarus]

We were totally stupid to believe corp. America and their promises. It's all about maximizing profits. We will give you money in the future in exchange for your loyalty in the future. Trust us, we have your best interests at heart! We got what we asked for in Capalitism. Maximumize profits! No heart, no soul. Tough for me to say since I am a Republican. Just as naive to believe in the government as Democrats often do. You are responsible for yourself.

 

[Marketneutral]

We were totally stupid to believe corp. America and their promises. It's all about maximizing profits. We will give you money in the future in exchange for your loyalty in the future. Trust us, we have your best interests at heart! We got what we asked for in Capalitism. Maximumize profits! No heart, no soul. Tough for me to say since I am a Republican. Just as naive to believe in the government as Democrats often do. You are responsible for yourself.

I agree. It is all about the bottom line.

The Excutives pay and bonus are just about disgusting

Fire 30,000 workers and get a bonus.

What is really sad. Whenever a corp announces they are going to lay off workers the stock spikes allowing the big buys to exercise options at higher prices.

OK. Off my soap box. I turn off a lot of people when I state how it really is.

I forgot to take the blue pill - sorry.

 

[Lazarus]

Capalitism seems the best we can do! I am scared! I am only more scared by communism.

 

[Marketneutral]

Capalitism seems the best we can do! I am scared! I am only more scared by communism.

Losing our manufactoring base is a homeland security issue.

When you can no longer produce then you are dependent on foreign countries.

I am so glad the Central American leadership shoot down CAFTA.  That would of ended the American farmer. 

American Corporations have cut all the meat they can.  Now it is down to the fat - which happens to be the worker. 

Global economy is a good thing for shopping however a horrible thing for wages.

Things will balance out.  I expect the American worker will end up being at the level of an Mexican worker by the time this is over.

China worker makes about .50 an hour - no benefits.
Indian worker makes about .40 an hour - no benefits
Philipino worker makes about .40 per hour - no benefits
Malysian worker even less.

Mexican - $4.00 per hour - some benefits.

 

[Lazarus]

Losing our manufactoring base is a homeland security issue.

When you can no longer produce then you are dependent on foreign countries.

I am so glad the Central American leadership shoot down CAFTA. That would of ended the American farmer.

American Corporations have cut all the meat they can. Now it is down to the fat - which happens to be the worker.

Global economy is a good thing for shopping however a horrible thing for wages.

Things will balance out. I expect the American worker will end up being at the level of an Mexican worker by the time this is over.

China worker makes about .50 an hour - no benefits.
Indian worker makes about .40 an hour - no benefits
Philipino worker makes about .40 per hour - no benefits
Malysian worker even less.

Mexican - $4.00 per hour - some benefits.

Our Government has sold out. It is no longer for the peope. The corporatons control the wealth. There will be a reckoning, we will all suffer.

 

[Marketneutral]

Our Government has sold out. It is no longer for the peope. The corporatons control the wealth. There will be a reckoning, we will all suffer.

Amazing when these CONgressman that do not get reelected can walk down the street and make 2M a year as a corporate lobbiest. Something is very wrong with that.

 

[Jarhead*]

I agree.  It is all about the bottom line.


OK.  Off my soap box.  I turn off a lot of people when I state how it really is. 

Marketneutral:  Hell, don't worry about us, we can take it.

What I think would be quite interesting is how you retired at age 29. 8)

Jarhead

 

[Marketneutral]

I am very blessed to profit from the Asian Crisis and the U.S. bear market.

Besides I am very cheap. I good evening for me is a library book and a beautiful sun set.

I get excited when there is a coupon in the Sunday Paper that matches my grocery list so I can "live a little" and not buy generic.

I get excited when my 16 year old car passes the yearly safety inspection.

Compounded interest is the 8th wonder of the world - if you let it work for you.

I also do not get caught up in the latest fad. I have a 12 year old tv, I just bought a DVD player because my video rental place does not have VCR tapes anymore and it was on sale for $20 after a $20 mail in coupon. Interesting fact. I asked the owner about a bulk video rental package. I purchased like 250 rentals for $175 or something like that. You may want to ask if you watch a lot of rental movies.

I will spend 4 hours of internet searching to get the best deal...then after I find the best deal I will call and ask for a better deal. It is amazing how many times I can get free shipping or a 5-10% discount just by asking.

I probably lead a life that most would not enjoy...but I am happy. I am a loner and not working for anyone was a goal I wanted to achieve as quickly as possible. I guess when you have a goal that you have a strong desire to achieve it makes it easier to not become a gadet/toy aholic.

I quickly found the stock market is the fastest legal way to make quick money so I throw my extra time and energy into that and it has worked out.

Biggest waste of my time and money was getting a college degree....I wish I could have those five years back. 18 credit hours and working 50 hours a weeks really sucked.

The cost of a college credit hour is criminal. The cost of a college book is criminal. But that is just my view. It is not shared by most.

 

[sgeeeee]

Our Government has sold out. It is no longer for the peope. The corporatons control the wealth. There will be a reckoning, we will all suffer.

I would be interested in who you voted for and how they have represented you. Do you know? Are you planning on voting the same way (by Party maybe?) next election?

Just curious.

 

[Lazarus]

I would be interested in who you voted for and how they have represented you. Do you know? Are you planning on voting the same way (by Party maybe?) next election?

Just curious.

Well I assume you mean for President. I voted Republican. Both parties serve corp. America before the people. So you have to choose whichever you think is closest to your beliefs. In the next election I probably will vote the same but who can really say yet. I don't know who is running. Not sure if you are implying that I don't vote or know why I voted the way I do? The present administration is not as carefull with my money as I would hope.

 

[Mr._johngalt]

We were totally stupid to believe corp. America and their promises. It's all about maximizing profits. We will give you money in the future in exchange for your loyalty in the future. Trust us, we have your best interests at heart! We got what we asked for in Capalitism. Maximumize profits! No heart, no soul. Tough for me to say since I am a Republican. Just as naive to believe in the government as Democrats often do. You are responsible for yourself.

A little whining here Not only are you "responsible for yourself",
that is exactly as it should be. "Maximize profits"? That is
capitalism man. That's the way it works.

Re. the 401K matching change at GM, it's a good one. Quite logical. They will
need a whole bunch of these changes before the ship is righted.

JG

 

[Marketneutral]

A little whining here    Not only are you "responsible for yourself",
that is exactly as it should be.  "Maximize profits"?  That is
capitalism man.  That's the way it works.

Re. the 401K matching change at GM, it's a good one.  Quite logical.  They will
need a whole bunch of these changes before the ship is righted.

JG

Ahhh, they took the job with the matching fund agreement. It is amazing how agreements can be broken and we just accept it.

I just have to say - get ready when your social security/medicare, etc, etc contract is broken because GM is in a lot better shape then the U.S. Government.

 

[Marketneutral]

Another govt basher.  Just curious -- what govt woud you trade ours for?  I already know your answer, JG, so no need to say "none at all"   

This government works as long as foreign central bankers keep buying our debt.

When that stops - tell me what you think.

 

[Marketneutral]

But you didn't answer my question -- who you gonna trade for? 

We need to fix the one we got.

When the imbalance adjusts it will be fixed. However, lets hope we do not get another Hiltler type leader that invades countries for invalid reasons and slaughters them. Because when Germany's imbalance adjusted that was the leadership they got after they outsourced their manufactoring base.

 

[Marketneutral]

We went into debt another 200B last quarter.

How long can that last?

WASHINGTON (MarketWatch) - The U.S. current account deficit narrowed by 1.0% to $195.8 billion in the third quarter, the Commerce Department reported Friday. This is the second straight quarter of a narrowing deficit after the current account reached a record $198.7 billion in the first quarter. The deficit amounted to 6.2% of gross domestic product.

:.  The press will spin it positive because it is ONLY 195.8M this quarter.    Hell that is ONLY 2.18B per day.  

No wonder the sheeple are debt whores.  They follow their governments example.

 

[Mr._johngalt]

Ahhh, they took the job with the matching fund agreement.  It is amazing how agreements can be broken and we just accept it. 

I just have to say - get ready when your social security/medicare, etc, etc contract  is broken because GM is in a lot better shape then the U.S. Government.

As usual, I am firmly on the side of the big greedy money grubbing
obscene profit obsessed, lying, polluting corporations.  It's not
"amazing" at all.  Did you see 'The Godfather'?
It's just business.  Deal with it.

JG

 

[Marketneutral]

As usual, I am firmly on the side of the big greedy money grubbing
obscene profit obsessed, lying, polluting corporations.  It's not
"amazing" at all.  Did you see 'The Godfather'?
It's just business.  Deal with it.

JG

Thank you Larry Kudlow.

 

[Mr._johngalt]

Well I assume you mean for President. I voted Republican. Both parties serve corp. America before the people. So you have to choose whichever you think is closest to your beliefs. In the next election I probably will vote the same but who can really say yet. I don't know who is running. Not sure if you are implying that I don't vote or know why I voted the way I do? The present administration is not as carefull with my money as I would hope.

I have performed my "civic duty" in a consistent manner for many many years now and
do not plan to deviate in the future. I stay home on election day.
BTW, there
is no administration (nor will there be) that is "careful with your money".
That is a pipe dream.

JG

 

[Mr._johngalt]

No wonder the sheeple are debt whores.  They follow their governments example.

This is a good point. Always assume that you are being led by
clueless cretins. That way, when this is proven to be correct
you will not be disappointed.

JG

 

[Marketneutral]

As usual, I am firmly on the side of the big greedy money grubbing
obscene profit obsessed, lying, polluting corporations.  It's not
"amazing" at all.  Did you see 'The Godfather'?
It's just business.  Deal with it.

JG

Revolutions have started for less.  The people can only be screwed for so long before they raise up.  But since you are a history buff you took that into account when you made this statement.   

 

[Mr._johngalt]

Revolutions have started for less.  The people can only be screwed for to long before they raise up.  But since you are a history buff you took that into account when you made this statement.   

Yes, I am a history buff. If you take a look at where we are (individually
or as a country) with the perspective of centuries instead of days,
it will give you a whole new outlook on just about everything.
I highly recommend it.

JG

 

[Marketneutral]

Yes, I am a history buff.  If you take a look at where we are (individually
or as a country) with the perspective of centuries instead of days,
it will give you a whole new outlook on just about everything.
I highly recommend it.

JG

I guess I can just shred by PhD in History. We all ready have Mr Know It All here.

You may want to go back through history and see what happens after countries outsource their manufacturing bases. It could be a real eye opener - or if you just look at your window you can see it.