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In the Chrysler bailout in the 70's the unions had to agree to $463 million in cuts. You think those unions will come to the table and agree to cuts like that in today's dollars? I don't and I don't think they'll even be asked to which means this isn't about saving GM, it's about saving an important voting bloc.
GM needs to get their hourly wage plus benefits from nearly $80/hr to Toyotas $35 per hour. These former agreements in Chapter 11 have to be tore up and re-negotiated because last years new hire concessions weren't enough, and we don't have a decade or more to wait for the fruits of last years concessions. Only in a chapter 11 bankruptcy will the unions become the unsecured creditors.
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