President-elect Barack Obama pushes for a $50 Billion bailout for automakers:
"The president-elect wants the Federal Reserve to extend emergency loans to General Motors, Ford Motor Co. and Chrysler LLC, according to Obama aides who spoke on condition of anonymity.
Still, the Bush administration so far has opposed bailing out the car makers, and continues to resist the idea of using the Troubled Asset Relief Program, the bank rescue which Congress passed in early October, for any companies other than banks."
Please President Bush, don't let this happen on your watch!
We all know what's behind Obama's push: the United Auto Workers Union or UAW: http://www.bloomberg.com/apps/news?pid=20601087&sid=aQAno1Ofb8lU&refer=home
No one other than the UAW is responsible for the current state of the auto industry. The UAW should bail out the automakers, not the tax payers.
An assembly line worker in Detroit makes roughly $70 an hour, and that does not include royal benefits and retirement packages.
The UAW, a major contributor to Obama's campaign, now demands its favors returned.
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