Noirwomannews’s Weblog

December 12, 2008

Bailout bust…the bucks stop here!

Filed under: Business,Finance,News,Politics,Uncategorized — noirwomannews @ 9:08 am
Tags: , ,

The bucks stop here according to the lawmakers voting against the passing of the recent 14 billion dollar proposed bailout.
President George Bush is on the way out, but Republicans failed to rally in support of the proposed aid for the big three failing auto giants. There were some in opposition of the bill who wanted United Auto Workers union to cut wages bringing them in line with Japanese automakers. The current Union contact is in place until 2011 and the UAW wasn’t in agreement to making changes to the current contract.
The current bailout bust was voted down 52-35 which failed short of the 60 votes needed to pass. Most see this as a serious problem for the three auto makers if they are to survive. GM and Chrysler say they may have only weeks before having serious problems, Ford says they can survive a little longer but they too will still need support financially.
Enough is enough, yet this is a serous situation the country is faced with. Some say let them file bankrupt like other companies would be forced to do in the same situation, while others support the bailout in order to keep 3 million employed in an already frail job market.
The dance isn’t completely over, the current administration is looking at what can be done, so the future of the big three isn’t over yet. Most guess they will be saved. Those against suggested the administration use 14 billion from the 700 billion wallstreet bailout package for the automakers.


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