It’s clear from this timeline and from this statement that the stubbornness from the auto unions is what brought the bail-out down.
How appropriate. These greedy unions have gotten their way for years. And they thought they would get their way again even as the auto industry is falling apart. That hubris is what made GM and Ford uncompetitive, and now that hubris may drive GM and Ford into bankruptcy.
Well, bankruptcy is the best thing that could happen to these companies in the long run. For that is the only way to break these rapacious unions. That’s certainly a better route than rewarding the unions’ greed with taxpayers’ money.
There’s pressure on the White House to give the auto companies TARP money from Treasury. I’ve already e-mailed the President to urge him to say NO.
(And by the way, the breakdown of the bail-out is costing me money at the moment. And I drive a GM vehicle. I don’t care. That’s how strongly I feel about this.)