Senator Bob Corker basically came out of nowhere to insert himself into the auto industry negotiations. During his two years in the Senate he has been invisible. Now he steps forward and asks the UAW to take pay cuts.
The UAW president responds in the video clip below:
CNN now reports that the White House is considering using a portion of the $700 billion bailout funds to help the auto industry.
The Bush administration said Friday that it will consider using the money set aside to help banks and Wall Street to rescue the auto industry.
The statement — a change in the administration’s long-held position — might be the last best chance to keep troubled automakers General Motors (GM, Fortune 500) and Chrysler LLC out of bankruptcy.
The defeat of a $14 billion bailout plan in the Senate late Thursday left the administration little choice but to tap the $700 billion bailout approved by Congress in October, the Troubled Asset Relief Program or TARP, according to White House Press Secretary Dana Perino. (more… )