or, Automakers Bailout Bill Fails to Pass in US Senate.
Good.
It is to be hoped that GM at least will go into Chapter 11 proceedings; possibly the other 2 of the Big 3 will have to follow suit. Then the United Auto Workers will be forced to accept the things they could have taken less of a hit on, if they were acting in the workers' long-term best interest. Now, unless Bush puts on his "I'm A Lefty" T-shirt and lets them use TARP funds for the car makers, there is no further source of pennies from heaven for GM. Chrysler of course has Cerberus, and Ford had the good sense to go Tango Uniform when financing was easy to secure so they are in somewhat better shape.
There are over a dozen car manufacturies in the USA that are either existing or in the making, that do NOT suffer from UAW contract obligations. Time to add a few more to the list, and give GM shareholders and bondholders a haircut.
Did you call your Senators and Congressman yet? Remind them for whom they work (hint: not the UAW) and tell them you are against giving money to companies that have repeatedly proven they don't know what to do with it. Call them today.
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