Friday, December 12, 2008

hold the ink! No bailout deal!

Well there almost was a bailout deal, but one disagreement stopped it; Whether the big three automakers should be required to make wage reductions. Currently, American automakers wages are more then the foreign makers. Republican Senators felt its necessary to cut the labor cost of the big three so they could save money. The United Auto Workers (UAW) is dead set against it. Ford said it does not need a bailout. Chrysler and General Motors said they do. I have a thought, why don't Chrysler and General Motors restructure through bankruptcy court? I thought bankruptcy was designed for business in financial trouble and needed to be relieved of there financial responsibility?
In other news, the Congressional Black Caucus (CBC) may not except Representative Elect Joseph Cao even though his district is predominately black. Cao, a Vietnamese American, felt it was a good idea to join the CBC because the black majority. The CBC has never admitted a nonblack member.

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