Wednesday, February 18, 2009

They want to do WHAT with the bailout money???

General Motors and Chrysler now say they need another $14 billion in bailout money on top of $39 billion they already got from the Bush administration and in exchange they are promising to close five plants and layoff 47,000 workers.
Oh goody!
Excuse me, but as Robert Reich pointed out on NPR this morning, the whole point of the government-financed bailout and the stimulus package was to create and/or preserve jobs, not to bailout stockholders and corporate investors. I would hope that before the Obama administration hands over any more bailout money, that they go over some options to see what plan would be best for the workers involved. Otherwise, we will just end up spending billions more on top of this to pay for unemployment insurance, retraining and more stimulus for all the workers that the auto companies want to shed.

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