Automakers Left by Republicans to Scrounge by the Wayside
Bailout Failed for Automakers
With Congress not in agreement with the automakers' request for bailout money -- due to hard-headed notions of other parties with vested interest -- they are now left to find a lifeline to hang onto. The Big 3 automakers -- GM, Chrystler and Ford -- are now looking to the White House for that line to anchor them. To avoid a deadly collaspe of the auto industry, they must be bailed out with the $50 billion they initally asked for.
Due to the refusal of the United Auto Workers union to meet the demand of the Republicans' aggressive salary cuts, the bailout plan fell through. Now the automakers are scrambling to find a solution before they run out of money.
The senate refused the proposal, 52-35, which is well short of the 60 votes required to cut off debate.
Wall Street is going to be taking another beating and this recession is going get a lot worse before it gets any better.
Published by Sage M.
Love life,love my family and love God. Always looking for a new challenge to expand my horizon. I love reading as a way of escape from the triviality of life and focus on the more important things that confr... View profile
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