UAW Heaves Wrench into Gears of Bailout

The bailout was a bad idea from the start but the debate has clarified which party is not going to compromise.

“The group came close to agreement, but it stalled over the UAW’s refusal to agree to wage cuts before their current contract expires in 2011. Republicans, in turn, balked at giving the automakers federal aid.

The UAW did not immediately react to the failure of the Senate proposal.”

The UAW is firmly entrenched in Denial so the Banquet of Consequences begins. Let the bankruptcy proceed. It will be interesting to find out if GM and Chrysler can stay in Chapter 11 and avoid total liquidation.

HughS

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