Bailout dead, automakers in search of a lifeline
World markets plunge as US auto bailout fails
Investors were rattled after the bailout for Detroit's struggling Big Three automakers failed in the U.S. Senate. The collapse came after bipartisan talks on the auto rescue broke down over Republican demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with U.S. plants of Japanese carmakers.I wouldn't buy a US made Japanese car now if my life depended on it. Screw them.
Sen. DeMint: Auto industry bailout will cause 'riots'
Republican Senator Admits Opposition to Auto Bill is All About Union Busting, Compares UAW to Parasites
While Mitch McConnell and other Republicans have hinted that their opposition to investment in the Big Three is all about busting the unions, Jim DeMint refreshingly came out and admitted it yesterday on NPR.Why is such a major decision being left to a lame duck senate republicans?
Norris: Now, you know the unions are saying this is also a political ploy on the part of the Republicans to try get rid of unions and use the auto industry troubles to do just that.
DeMint: Well, I’m not trying to get rid of the unions, but I am saying that they appear to be an antiquated concept in today’s economy.
And if that wasn't explicit enough for you...
DeMint: These car companies are in real trouble. And they should’ve been planning to restructure for a long time. But the political aspect of this is most of this is being done to protect unions, uh, it’s not to protect the workers. And what I want to do is make sure we have jobs for these workers and we have first-class American automobile companies. And we’re not going to do it with the barnacles of unionism wrapped around their necks.
UPDATE: It gets worse. It's the domino effect: Auto Suppliers Share Anxiety Over Bailouts.