I understand why Nancy Pelosi and her crew on the "Hill" are advocating a bailout of the American automakers, but let's be real and realistic at the same time - this is not a bailout of the automakers - it is a bailout of the UAW.
While we are at it why do these companies need taxpayer money anyways? Don't we have bankruptcy laws that are used by businesses to reorganize without pressure from those that they owe? The only reason that Pelosi and her crew don't want bankruptcy to be entered into by the Big 3 is that it will allow them to break their UAW contracts - a major constituency.
Let's face facts together - without fundamental changes to the core costs of U.S. automakers they will never be relevant or competitive in the global market. With hourly costs averaging $73 per hour versus $47 for foreign makers with plants in the United States they won't be competitive.
Let the Big 3 declare bankruptcy and reorganize the way they should, under the existing laws that we have and not leaving the United States taxpayer on the line for a bailout or loan that we have no chance of ever seeing repaid.