According to Political Radar, ABC news is reporting that the Democrats in Cogress are putting pressure on the Bush Administration to release some of the original $700 billion credit market bailout to the auto industry. The Democrats are looking for an answer by today.
According to the article, Democrat leaders in Congress sent a letter Thursday night, telling President Bush he must commit funds from either the TARP or the federal reserve or they will be unable to pass anything in Congress.
I have my own ideas on the bailout--DON"T DO IT! Detroit pays its auto workers twice as much as the auto workers in the states that are not unionized. Their union contracts for retirees and workers add $2000 to the cost of every car. This is a bad business plan. They don't need to be bailed out--they need Chapter 11 protection while they restructure. Anything else is throwing good money (our money as taxpayers) after bad. I drive a Ford--I love my Ford--but I don't support a bailout.
Leave a comment