Jamie Dupree

Obama On The Auto Bailout

Jamie Dupree

@ December 19, 2008 11:27 AM Permalink | Comments (1) | TrackBacks (0)

The following statement was released from President Elect Barack Obama on his reaction to the $17.4 billion auto bailout plan announced today by President Bush:

"Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers. With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together -- including labor, dealers, creditors and suppliers -- to make the hard choices necessary to achieve long-term viability. The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it."

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What others are saying

Auto Bailout
BS! This is a bailout of the UAW. If GM and Chrysler had declared bankruptcy, the first action of a judge would have been to declare their contract void, including the health care fund for their retirees. Then the UAW would have gone on strike (the retirees are 2/3 of the membership and they can vote). Ford would have followed suit to get rid of their UAW contract. This bailout did nothing for the Big 3, it was about preventing the UAW from going on strike and killing the Big 3.

Compare this to the government action when our major airlines (also unionized) declared bankruptcy. Are the airlines better off now than before? You bet they are, and the government didn't have anything to do with it.

Welcome to Socialism--government ownership of the means of production! Bush betrays the Republicans and the conservatives yet again. I'll never buy a UAW produced car again.
By Jeff @ 12/19/08 11:48:35 AMreport abuse

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