"A deal on $14 billion in aid to Detroit's Big Three automakers fell apart Thursday night in the Senate despite intense negotiations on Capitol Hill between lawmakers, union officials and representatives from the three companies." - FOX News"Republicans, after reviewing the latest version of the proposal in a closed-door meeting, balked at giving automaker federal aid unless their powerful union agreed to slash wages next year to bring them into line with those of Japanese carmakers.
Republican Sen. George V. Voinovich of Ohio, a strong bailout supporter, said the United Auto Workers was willing to make the cuts, but not until 2011.
The collapse of the latest negotiations came as the Wall Street Journal reported Thursday evening that General Motors had hired lawyers and bankers to consider whether to file for bankruptcy, a prospect made more likely by the outcome of Thursday's talks." - FOX News
Although I am not sure watching these companies fail is a good thing for the economy, I do believe that it is the Unions and CEO's that have ruined them. I don't think that we should use our tax dollars to bail them out unless they are willing to go the extra mile to make sure they are viable in the long run.
For the Unions to not be willing to cut salaries right now shows their unwillingness to work to make sure the companies survive. I now care less whether they fail or not. For all the those smart Union People who won't take the pay cut, you can keep your salary at least until your company is gone and you are making nothing. Smart move!
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