Comment

Comment on Automakers’ Electric Vehicle Lie

i like the sentiment, but im not sure the authors really understand the stock market or economics. the reason they do stock buybacks is part of an overall tightening strategy, to gain leverage, and be more able to respond to black swan market events. executive compensation is a drop in the bucket of the overall cash flow. there are very real risks involved in running huge auto businesses…although to be fair…the prospect that you’ll be bailed out by taxpayers makes all of that null.

source

Sort:hotnew top

unfreeradical@lemmy.world ⁨1⁩ ⁨year⁩ ago
The risks faced by executives and billionaires is a joke compared to the risks faced by working people.

source
- protovack@lemmy.world ⁨1⁩ ⁨year⁩ ago
  really not true at all. businesses fail and if a large business fails, everyone loses. that’s why they get bailed out. labor costs at the big 3 are much higher than other automakers, and capitalism involves competition. if their labor costs are too high, they can’t compete, and other non-unionized automakers will over-take them. but its such a core part of our economy and national security, that they cannot be allowed to fail, so the government steps in. the unions know that, and they take advantage of it knowing they can get paid more because its a valuable industry. GM workers make much more money and have better benefits than virtually all other assembly line workers in the US in other industries, despite it being basically the same job requiring the same skills. I agree with worker organization and unions, and i overall support them but the net effect of their actions is exactly what sends manufacturing outside the US.
  
  source
  - unfreeradical@lemmy.world ⁨1⁩ ⁨year⁩ ago
    
    if a large business fails, everyone loses
    
    Of course. Some lose their second yacht, and some just lose health insurance.
    
    We are all in the same struggle, workers and billionaires alike.
    
    Only because unions take advantageous of weaknesses in the system, workers arguably have it much better.
    
    I feel you.
    
    source
  - Sunforged@lemmy.world ⁨1⁩ ⁨year⁩ ago
    
    why isn’t their a massive push to get other assembly line workers pay and benefits equal to those of auto? they get all the headlines, money, and support. why is that?
    
    Union members spend time and their own money organizing. When they fight it garners headlines. Those headlines 8ncrease public support because when they win it lifts local economies while increasing other labor fights chance of success.
    
    The industry standards are set by union shops, the pay at other manufacturers would be significantly less if unions hadn’t pushed to get their members good contracts. The massive push you are questioning has to come internally from workers at non-union shops ready to start organizing themselves.
    
    source