I discussed yesterday my plan for assisting the Detroit automakers. I realize that there is already a system in place to do just that --- it's called Chapter 11 Bankruptcy reorganization, and it doesn't cost the taxpayers anything. The company's contacts will be voided and the trustee will assess the company assets, liabilities, and production capabilities and draft a plan for the company to continue operating and return to profitability. The greedy United Auto Workers (UAW) hates that idea because returning to profitability requires reining in the over-rich compensation for their members that they have extorted from the automakers (and yes it was extorted if one wants to go back to the UAW strikes that costs the big 3 millions a day in lost profits).
In my opinion giving a chunk of tax revenue to the automakers only perpetuates the problem of the greedy UAW, who have bled all of the profit out of the industry, and left the companies drowning in debt. It is reasonable and fair to require UAW members to work for wages comparable to what Honda, Toyota, Hyundai, BMW and Mercedes employees in the United States earn. Bankruptcy is not "unthinkable", as characterized by Rick Wagonner with his hand out reaching for the public treasury, it is the solution to the problem that will restore the US auto industry.
If Pelosi and Reid give the UAW a chunk of taxpayer revenue, it will remind people why they used to vote Republican.
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