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Updated: 3:03 PM Nov 12, 2008
Democrats Urge Federal Stake in Big Auto Companies
Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
Posted: 4:47 AM Nov 12, 2008Reporter: Julie Hirschfeld Davis AP |
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2 Comments 
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Regarding the auto industry's financial problem, I believe that the UAW needs to back off with its demands for its workers benefits such as health insurance. The union has ruined the industry with its demands. Ive heard that auto workers go to work and sit around watching TV waiting until work comes into the shop, and they get paid for this inactivity!
This is indeed a difficult situation. Bailout companies that employ Americans--and yet I note that GM has shuttered plants in the US and moved manufacturing to Mexico and Canada. Perhaps any loans made would need to come with a caveat to keep jobs here. My Chevy Suburban was built in Mexico, whereas my Toyota was built/assembled in the US! (by American workers). THe question could also beg that if a US automaker were to fold; as demand picked up in the future--would a foreign automaker pick up the slack and open additional plants on US soil. (It becomes cheaper to build cars on US ground to avoid costly tariffs)...