Earlier in the talk there was also a question to the likes of: 'If the aerospace outlook is as bleak as you say, why should any employee stay. This is a giant retention issue'
Baloney's response was gold.
He also mentioned the 'Lopez Effect' a number of times.
If you read about the Lopez Effect (http://enigmasolution.blogspot.com/2010/08/lopez-effect.html) it is about crappy management taking a dump on their employees and suppliers for short term boost to the stock, yet doing significant damage long term to these relationships and building a non-sustainable business.
The message employees want to hear is that there is a plan to make this better, that we are all in it together, and that we will be taken care of on the flip side. Not that our crappy management is crappy, and that we all better 'hold on' because a rough ride is ahead of us.