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Sunday, December 21, 2008

North American Auto Industry Christmas Package

From The Hoss's Mouth

Santa Claus delivers early Christmas presents to North American auto industry. President George Bush and Prime Minister Stephen Harper put on their Santa suits and provided the North American auto industry with $21 billion: $17 billion (USA) and $4 billion (Canada). Given the huge number of jobs associated with the auto industry, Hoss Cents Free Financial Money Magazine supports these loan packages.

Santa Claus

The Hoss is concerned with President Bush's statement that part of the reason for this auto industry loan package was that he did not want to saddle the incoming President with collapse of the auto industry. Give me a break...a loan which is only good until March does not prevent the failure of the auto industry. All President Bush did was delay the crisis until March, at which time it becomes Barack Obama's problem.

Another concern The Hoss has is the refusal of labour leaders in the USA and Canada to recognize that high labour costs are a contributing factor in the disintegrating auto industry. Sure, the main problem has been the auto industries arrogance in building and forcing gas guzzlers on the public, but nonetheless, labour costs are a significant factor in the manufacturing process. For labour leaders to try and deny this does nothing to enhance their public persona.

Yes, The Hoss is aware of the grossly inflated salary and benefits the top auto industry executives receive. They too must accept severe salary and benefit reductions.

It will be interesting to see how President Elect Obama tackles this and the other financial problems left to him by outgoing President Bush. One thing for sure is that President Obama is going to have the biggest challenge any President has had to face since the Great Depression. The Hoss believes that with his fresh views and innovative ideas that he and his team will pull the American people through this economic crisis.

This will be the Hoss's last post before Christmas, so a Merry Christmas to All.

Stay on track,
The Hoss

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