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Bailing Out the Automakers
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It wasn't enough for us to be bilked out of $700 billion to bail out grossly mismanaged financial institutions. Now the president has decided, without congressional approval, to serve the equally mismanaged auto industry a morsel of that $700 billion pie -- $17.4 billion in emergency loans -- to tide it over until our next president bakes his own pie.
By voting down the auto industry bailout, Congress served us well for the first time in a long time. It's a shame the president didn't follow suit and deny a bailout for the Big Three, forcing them into Chapter 11 reorganization, which is where they belong.
MICHAEL J. LEGGIERI JR.
Frederick
ยท
If union members will have their wages reduced to match those of employees at non-union plants [front page, Dec. 20], why shouldn't executives at GM and Chrysler be subject to the same requirement? Executives at Japanese auto companies must find it laughable that the leaders of the U.S. carmakers receive multiples of their own salaries even as those U.S. companies lose billions of dollars.
JOSEPH H. GUTTENTAG
