Regarding the bailout of the auto industry, Barney Frank tells 60 Minutes correspondent Leslie Stahl: "No. We’re not propping up companies. "We’re propping up individuals. The world doesn't consist of companies. The world is people. The country is people." When Stahl points out that Frank is then talking about welfare, he responds, "Yeah, I’m for welfare. You’re not? Are you for letting people starve?"
The union auto workers are hardly starving as they earn upwards of $80 per hour along with lavish health benefits and pension plans. The concern should be directed at the taxpayer who is asked to subsidize the benefits of other workers who need to tighten their belts like the rest of us. Unfortunatly, layoffs are a part of the free market and subsidizing workers in one area leads to layoffs in another.
Let the companies restructure, cut back on both union and CEO benefits, and make the same painful decisions the rest of us are required to make. Let them run leaner and meaner companies that produce better and more competative cars.
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Any funds for the Auto Industry should only go to the manufacturer that produces the most sound ecological vehicle and that has great future potential, the rest can take the bus!
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