Proof that this is all about saving the UAW?
A $14 billion emergency bailout for U.S. automakers has collapsed in the Senate after the United Auto Workers refused to accede to Republican demands for swift wage cuts.
The UAW refused to budge because they’re in a lose/lose situation. They lose if Ford, GM and Chrysler go into bankruptcy. They also lose if they lower wages to match the non-union workers in other auto plants. The union’s only hope of maintaining power was to convince the politicians to subsidize them at taxpayers expense.
Hopefully the “little three” will take a serious look at restructuring now, when it will do the least amount of damage. Waiting will only make it worse.