The Homa Files

Excerpted from AP, Bush considering “orderly” auto bankruptcy, December 18, 2008

* * * * *

The Bush administration is seriously considering “orderly” bankruptcy as a way of dealing with the desperately ailing U.S. auto industry.

The White House was close to a decision …  on an auto rescue plan …  and is continuing discussions with the various sides that would have to sign on to a managed bankruptcy — entities such as labor unions and equity holders in addition to the companies themselves.

Full article:
http://finance.yahoo.com/news/Bush-considering-orderly-auto-apf-13868234.html

* * * * *

Ken’s Take:

1. The automakers already are bankrupt.  The new news is trying to do something orderly.
2. Didn’t the Detroit CEO’s say that the sky would fall before Christmas?
3. Hard to believe that UAW folks will still be drawing over $70 per hour when the auto plants are closed.  Can’t the automakers at least redeploy the workers to infrastructure projects for the month?  Guess not — union work rules.
4. Wouldn’t surprise me if Bush played rope-a-dope until he hands the keys to Obama …

* * * * *

Want more from the Homa Files?
Click link =>  The Homa Files Blog

This entry was posted on December 19, 2008 at 8:00 am and is filed under Autos - Travel, Government & Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.