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Post by driveshaftgrunt on Apr 3, 2020 9:43:42 GMT -5
Anybody want to take odds on THIS administration choosing to save our contracts and pensions like the last one?
The Wall St types are SALIVATING over getting another chance to destroy a big union because they were denied that last time.
Our contract and pensions will be the first thing to go. I mean, sure, we'll keep the money in the fund, but how many of you want to retire on $1500 a month.
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Post by thintwowin on Apr 3, 2020 10:10:07 GMT -5
Not sure what Ford’s daily cash burn is, but with them stopping dividend and withdrawing their line of credit. They had 35-37 billion dollars cash on hand. FYI
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Post by Ex-metalman on Apr 3, 2020 10:16:47 GMT -5
Anybody want to take odds on THIS administration choosing to save our contracts and pensions like the last one? The Wall St types are SALIVATING over getting another chance to destroy a big union because they were denied that last time. Our contract and pensions will be the first thing to go. I mean, sure, we'll keep the money in the fund, but how many of you want to retire on $1500 a month. Full retirement is only 1600$ anyways |
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Post by nra4life on Apr 3, 2020 12:07:35 GMT -5
Ford currently has $65 billion in cash sitting in the bank. They will be fine. Look for a “cash for clunkers” sorta deal to come along once everything is back to normal in 6 months to a year.
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Post by 2011tier2 on Apr 3, 2020 14:11:25 GMT -5
NRA,
I though I saw some pretty sweet deals Ford is offering already, but your point will likely be the case, or something similar. Maybe employee discounts for all and zero % financing for buyers during the rest of the year, or no payments for 6/8months.
Surely something drastic -or shifts cut at all production plants until they cycle through the probable 60/90 day dealer supply already in system.
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Post by Ex-metalman on Apr 3, 2020 14:29:50 GMT -5
Personally I know we’ve NEVER lived or seen anything like this I predict layoffs for many years .Or UNTIL they get rid of higher seniority.There was already rumors of C crew gone,now this!Our order bank will stay low for a long time.You can’t just restart our economy and think everything will EVER be the same.Its gonna get really bad before it gets better.Just my opinion.
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Post by lapwasktp on Apr 3, 2020 15:10:04 GMT -5
Ex metal man you are correct. It’s going to get worse before it gets better. If my understand we have only $35 Billion cash on hand, that INCLUDES the money we have already drawn on from available credit lines. That’s about the same as GM has right now. The BAD news is Ford has just been moved to A JUNK bond status on the open market. Because of our perceived future financial performance.. So what that means is if we need to borrow additional money now, and we probably will, it going to cost us a lot more to do so. Think of pawn shop rates or home finance company rates. Not what ur needing right now. This is BAD news folks. FYI. Hoping for the best. I like getting paid.
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Post by lapwasktp on Apr 3, 2020 15:10:29 GMT -5
Ex metal man you are correct. It’s going to get worse before it gets better. If my understand we have only $35 Billion cash on hand, that INCLUDES the money we have already drawn on from available credit lines. That’s about the same as GM has right now. The BAD news is Ford has just been moved to A JUNK bond status on the open market. Because of our perceived future financial performance.. So what that means is if we need to borrow additional money now, and we probably will, it going to cost us a lot more to do so. Think of pawn shop rates or home finance company rates. Not what ur needing right now. This is BAD news folks. FYI. Hoping for the best. I like getting paid.
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Post by Ex-metalman on Apr 3, 2020 15:13:13 GMT -5
I’m here to help them out !Give me 1600$ month for life and 75,000 $ I’ll go now and never step foot in there again.That seems fair for 25yrs of service.
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Post by thisplacesux on Apr 3, 2020 15:14:49 GMT -5
The big 3 can’t just eliminate someone’s pension that is vested. The worst they can do is freeze it where it’s at or offer you a buyout. This is what GE recently did.
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Post by ktpframeking on Apr 3, 2020 17:25:15 GMT -5
I’m here to help them out !Give me 1600$ month for life and 75,000 $ I’ll go now and never step foot in there again.That seems fair for 25yrs of service. [br I’ve got 25 years also. I’d take that deal in a New York minute !! |
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Post by lap65 on Apr 4, 2020 7:46:52 GMT -5
I’m here to help them out !Give me 1600$ month for life and 75,000 $ I’ll go now and never step foot in there again.That seems fair for 25yrs of service. [br I’ve got 25 years also. I’d take that deal in a New York minute !! If they file bankruptcy....they can do whatever a judge allows them to do...contract goes out the window, we're all speculating....and my speculation is it is going to get bad, we just don't know how bad or for how long....too many variables that no one has ever seen before & more to come |
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Post by fordlapworker1993 on Apr 4, 2020 8:51:26 GMT -5
GM & Chrysler filed bankruptcy & they still have their pensions. Ford has been in junk status before that's nothing new. I don't think Ford will file bankruptcy but who knows. Its gonna be a rough ride
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Post by cal50 on Apr 4, 2020 11:25:26 GMT -5
Anybody want to take odds on THIS administration choosing to save our contracts and pensions like the last one? If you mean a bail out that helped our competition (GM, etc.) and cost all taxpayers 13 billion in loss , not a chance. There has been little added to our pension for the last 2 decades so that is a savings , for Ford. Our biggest problem is our current CEO and product line , not any president past, present or future. A company does not cut it way to prosperity and when other companies can produce a car and sell it for profit while our company is vacating that market segment its a red flag. |
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Post by forddontcare on Apr 4, 2020 12:03:50 GMT -5
Say it with me now........ we are all fucked
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Post by lapwasktp on Apr 4, 2020 12:24:00 GMT -5
Our Management team has decided to abandon the low end market of the auto industry $$. We did the same thing in the early 2000. We didn’t make any cars that anybody wanted. Now we’re back to same thing , trucks and SUVs It works in a good economy. Hell I bet our starting price is $30,000 for anything we sell. Not do good in a down economy (( Like NOW). No one saw this coming. It’s a uphill climb from here. Down weeks and layoffs till we figure it out. Even our products in the pipelines are more of the same. Will see.
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Post by readyandaimedatyou on Apr 4, 2020 12:52:12 GMT -5
Say it with me now........ we are all fucked Im Not gonna be negative... A crisis can be a blessing in disguise. Time will tell. |
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Post by Ex-metalman on Apr 4, 2020 13:15:18 GMT -5
We didn’t make anything people wanted in the 2000s?Record sales of Explorers,Taurus,Excursion,focus ,even mustang,closed ATL and fucked those guys then bring back Taurus as a 500.We have always had good car sales.Bad decisions when we got out of cars in my opinion.Who knows ?I just want to retire .This could either help or make me work til 23
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Post by fordlapworker1993 on Apr 4, 2020 14:34:12 GMT -5
Fords truck market alone is worth billions! The one thing I regret when I transferred down in 2012 is going to lap instead of ktp
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Post by Ex-metalman on Apr 4, 2020 14:36:35 GMT -5
I wish you would of stayed at LAP...Humor !I am for anyone bettering themselves
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Post by fordlapworker1993 on Apr 4, 2020 14:40:31 GMT -5
I wish you would of stayed at LAP...Humor !I am for anyone bettering themselves Ha.....I was at Norfolk in the early 2000s we still worked 9 or 10 hr shifts 5 days a week. Opening DTP in 2004 was the end of NAP |
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Post by nra4life on Apr 4, 2020 19:12:01 GMT -5
I wish you would of stayed at LAP...Humor !I am for anyone bettering themselves Ha.....I was at Norfolk in the early 2000s we still worked 9 or 10 hr shifts 5 days a week. Opening DTP in 2004 was the end of NAP My 2004 150 was built in Norfolk. Check engine light came on last week for the FIRST time lol. Was an $80 fix. Has been an amazing truck, oil changes and tires, all I’ve ever had to do it. Knock on wood. |
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Post by driveshaftgrunt on Apr 5, 2020 12:11:20 GMT -5
It's like 2008 never happened.
GM and Chrysler kept their pensions intact and didn't lose their contracts with the UAW because THAT WAS THE CONDITION OF THE GOV BAILOUT.
There were voices in the Obama administration urging letting Chrysler go under. There were arguments ON THE FLOOR IN CONGRESS by the GOP advocating for letting the industry go belly up PRIMARILY TO GET RID OF OUR CONTRACTS AND PENSION OBLIGATIONS.
The next time this thing is gonna look like a steel industry bankruptcy...…...and we'll get fucked.
If you don't know the differences between the two parties ON THIS ISSUE, then I don't know what to say. They've stated it publicly for years. Its not a secret.
The Big 3 are reported to be burning about a billion in cash per week per company. Their credit arms are gonna get killed if this goes on much longer. Estimates are Ford has about 18 weeks worth of cash before there is trouble.
Nobody NOBODY would me more happy about me being wrong than me...…….
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Post by nra4life on Apr 5, 2020 17:30:42 GMT -5
How are they burning through $1 billion a week?
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Post by fordlapworker1993 on Apr 5, 2020 17:46:56 GMT -5
They are losing more than they are burning. Just don't expect a profit sharing next year
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Post by nra4life on Apr 5, 2020 19:10:25 GMT -5
They are losing more than they are burning. Just don't expect a profit sharing next year That’s a totally different animal. I mean you would have to be crazy to think they will turn a profit. The question was how are they burning a billion dollars a week? |
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Post by ktpframeking on Apr 5, 2020 19:27:31 GMT -5
The truth is that they aren’t burning anywhere near that. It’s all bullshit. The whole response to this “ pandemic “ is a means to an end. This country is being betrayed on a grand scale. The people at the top will never get total control until the middle class is destroyed.
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Post by fordlapworker1993 on Apr 5, 2020 19:55:34 GMT -5
They are losing more than they are burning. Just don't expect a profit sharing next year That’s a totally different animal. I mean you would have to be crazy to think they will turn a profit. The question was how are they burning a billion dollars a week? I don't think they are burning no where near that amount. They are burning cash no doubt |
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