When the auto industry first began, it was credited for creating the middle class that created a vast amount of economic wealth. Some would say the North American economy is built on the back of the auto industry.
I think it's also fair to say that when President Elect Barack Obama takes office in the new year there will be a package delivered to the automakers in Detroit.
Here's my question:
What is to be gained by stalling the bailout package and why are the republicans playing stupid party politics when so much is at stake?
The auto industry in North America has badly mismanaged its financial resources and the unions, in turn, have been shortsighted in continuing to demand more and more in wages and benefits. It appears likely that the White House will bail the big three out but I say let them sink into the abyss of Chapter 11. The day of reckoning has come. It is high time that they got their affairs in order. Workers will continue to work, cars will continue to be produced in the harsh light of the reality of an economy in dire peril.
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