Pelosi and gang are working hard to deliver a "bailout" to the Top-3 Auto worker Unions that helped deliver them a victory last Tuesdays on election day. In fact President-elect Obama is now calling for a $50 BILLION bailout to the Top-3 automakers in Detroit as seen here...
"Congressional Democrats, meanwhile, are pushing for legislation to help the automakers. House Speaker Nancy Pelosi called for congressional action, saying failure by one or more of the big U.S. automakers would have a ``devastating impact'' on the U.S. economy. Assistance must be conditioned on ``rigorous independent oversight'' of carmakers and restrictions on executive compensation, she said in a statement."
We see that Pelosi calls for "rigorous independent oversight" but it seems targeted at the evil "executive compensation" side of the problem. The article states that there should be the appointment of a "Auto-czar" but there is no mention of restructuring the Labor side of this equation. As stated in the prior post on this subject, the Top-3 automakers made very poor labor deals in the past and these too must be dealt with if the Top-3 are to survive. Otherwise we will just be dumping Billions of taxpayer money into a industry destined to fail...
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