A2: Auto Industry

By

The Christian Science Monitor’s Patchwork Nation blog looks at the auto industry bailout, and quotes two sources from Ann Arbor. Chamber president Jesse Bernstein said: “The auto industry has made many mistakes, but they are being vilified and receiving the brunt of the frustration and fear that is ingrained in us because of the total global restructuring of the economics and financial systems we were accustomed to. Hopefully, calmer heads will prevail and a program of financial support with conditions requiring increased mileage standards soon, restrictions on executive pay, and requirements to pay dividends as soon as possible will be implemented.” Local attorney Paul Dimond told the Monitor that the country “can’t afford adverse ripples flowing from such major failure; but any loan should contemplate over longer term complete restructuring of union-management relationship.” [Source]