Friday, December 12, 2008
US Senate rejects plans for bailout of automakers
The U.S Senate have block the $14 Billion Detroit bail out. The Senate negotiated late into the night on a possible compromise that participants said fell apart over proposed wage concessions by the powerful United Auto Workers union. For GM and Chrysler the last life line from the government rests on the white house in allocating parts of the $700 Billion from the Financial bail out to give loans to the help auto industry to survive.
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It sounds like they might try and dip into the $700 billion promised to the financial sector to help the auto industry. I think this would be a great idea. Taking $30 billion would be the fly on the elephant's back for these banks.
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