Congress finally said “No” to someone with their hand out for a “Bail Out.” The heads of the big three auto makers flew in to Washington D.C. on their private jets to ask for 25 BILLION of tax payer money to keep running their businesses as badly as they had been running them.
Finally, Congress said NO- although over the whining disagreement of Barney Frank who accused his peers of only bailing out white collar workers and not blue collar workers. The UAW has already refused to give any concessions on their gold plated $70 dollar an hour, 95% of pay for laid off workers, and gold plated retirement and health plans. That being said, either they must change their minds and agree to some plan to bring before congress OR they must be allowed to go bankrupt and reorganized under Chapter 11 which will nullify these contracts by fiat.
As it is… the automakers cannot become profitable and would be a black hole into which our tax payer money disappears. Time to reorganize, retool, and try again.