A Quote by James O'Toole
Sadly, at Ford, General Motors, and Chrysler sales continually trend downward, manufacturing costs rise, and employment declines. As the result of the decrease in the number of cars produced by American manufacturers, membership in the United Auto Workers has dropped from a high of over 1.5 million thirty years ago to less than half a million today.
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In the four decades after World War II, manufacturing jobs paid more than other jobs for given skills. But that is much less true today. Increased international competition has forced American manufacturers to reduce costs. As a result, the pay premium for low-skilled workers in manufacturing is smaller than it once was.
Nothing disturbs me more than the downward trend of productivity in our nation today. The consequences of a decrease in productivity are a diminished standard of living, higher labor costs, less competitive prices, and more inflation.
Once Michigan stood proud. In addition to GM, Ford and Chrysler, it was home base for the United Auto Workers, a powerful escalator transporting hundreds of thousands of blue-collar workers into America's middle class.
The concentration of atmospheric carbon dioxide has changed greatly since fossilized life began on Earth nearly 600 million years ago. In fact, there is only 1/19 as much CO2 in the air today as there was 520 million years ago. That high CO2 was hardly the recipe for disaster.
If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
Molecular evidense suggests that our common ancestor with the chimpanzees lived, in Africa, between 5 and 7 million years ago, say half a million generations ago. This is not long by evolutionary standards.
Here's a startling fact: in the 45 years since the introduction of the automated teller machine, those vending machines that dispense cash, the number of human bank tellers employed in the United States has roughly doubled, from about a quarter of a million to a half a million.
Each year more than 100,000 high school graduates, with proved ability, do not enter college because they cannot afford it. And if we cannot educate today's youth, what will we do in 1970 when elementary enrollment will be 5 million greater than 1960? And high school enrollment will rise by 5 million. College enrollment will increase by more than 3 million.
My grandfather and dad worked at General American Transportation Corp. in Chicago, a company that made tank cars and freight cars. We had a pragmatic, Republican, manufacturing, Illinois consciousness as far as employment went.
The United Auto Workers is AARP in an Edsel: It has three times as many retirees and widows as 'workers' (I use the term loosely). GM has 96,000 employees but provides health benefits to a million people.
Whenever you have a few setbacks, the idea that half as many children are dying now as back in 1990 and so... it was over 12 million a year, now it's less than 6 million a year. We have a clear path to get that under 3 million a year and we know what to do. And this generation of young Africans is a very large group.
Today, 8 million adult Americans, more than the entire population of Michigan, have not finished 5 years of school. Nearly 20 million have not finished 8 years of school. Nearly 54 million - more than one-quarter of all America - have not even finished high school.
There are about 300,000 neighborhoods in the United States, and more than half of them have at least one millionaire living there. Most millionaires drive American cars. Out of the top 30 or 40 makes and models, Ford is number one, with about 10 percent of the market share.
The truth is, the central issue is not the needs of the 11 million illegal immigrants or however many there may be - and honestly we've been hearing that number for years. It's always 11 million. Our government has no idea. It could be 3 million. It could be 30 million. They have no idea what the number is.
Today, over half of American workers have less than $10,000 in savings and have no idea how they will be able to retire with any shred of dignity.
For value investors, General Motors is a tempting target. The company's share of the North American auto market has steadily declined for two decades, and analysts say the company suffers from weak management and unexciting cars.
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