I guess it's a good thing that the House of Representatives has passed an auto industry bailout. I mean, the death of the Big Three (GM, Chrysler and Ford) would be devastating for the economy, and for the morale of the nation. If these guys go out of business, anybody could. And, shoot, what else do we manufacture in this country anymore?
But I get the resistance too. You would think that there would be a finite amount of money to go around. And where do we stop? Newspaper bailouts? Network TV bailouts? Advertising agencies? The adult entertainment industry? Yes, they are in trouble too.
One thing I'm not buying is that the failure of the Big Three is the fault of the workers. Or even the unions. Reportedly, they amount to only 10% of the cost of a new automobile. I think it's high time that CEOs of big corporations be responsible for actually making their companies succeed. Why exactly are they making such big salaries and bonuses? Even if they "forgo" them this year, what have they done to deserve their perks in years past?
[Excerpt]
$14 billion auto bailout bill clears the House
The House pressed toward passage of a $14 billion bailout for the nation’s imperiled auto industry Wednesday night, but the hard-fought deal between Democrats and the Bush White House was in jeopardy amid strong opposition from GOP senators. . .
Read more at: MSNBC
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