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The auto-industry bailout is now down to $15 billion, but the Big Three and the UAW are making drastic concessions. Why didn't Wall Street have to do the same thing? This story on our rebroadcast of today's To the Point. In Part II of our show, LA School Superintendent David Brewer wants a buyout, the Tribune Company, which owns the LA Times, files for bankruptcy, and California is just about out of money.

Photo: David McNew/Getty Images

Main Topic Federal Bailouts and Double Standards 30 MIN

Two hundred workers are staging a sit-in at a Chicago factory after the Bank of America cut off the company's credit.  The bank got $25 billion in taxpayer funds, but the workers only got three days notice of termination.  Now they're symbolic of the double standard for federal bailouts of Wall Street compared to other sectors of the economy.  The factory is in the former state senate district of President-elect Barack Obama.

Harold Meyerson, Editor and Columnist (@haroldmeyerson)
Philip Levy, American Enterprise Institute
Scott Paul, Alliance for American Manufacturing (@ScottPaulAAM)
Daniel Ikenson, Associate Director of the Center for Trade Policy Studies, Cato Institute

Making News Brewer Wants LAUSD Board to Buy Out His Contract 5 MIN

Last week on this program, Los Angeles Unified School Superintendent David Brewer said he was not considering stepping down.  Today, he asked the elected school board to buy out his contract, to prevent what he called the "current debate" about his leadership from becoming an ethnic issue.

Howard Blume, Los Angeles Times (@howardblume )
Genethia Hudley Hayes, former Board Member, LA Unified School District
Jaime Regalado, California State University, Los Angeles (@PBI)

Main Topic Los Angeles Times Declares Bankruptcy 15 MIN

It's been less than a year since Sam Zell bought the Tribune Company, which owns the Los Angeles Times, in a deal that cost $300 million of his money and $13 billion in debt. Even then, it looked like a shaky proposition and since then there's been round after round of layoffs and cuts in service. Today, Zell's Tribune Company filed for bankruptcy. Alan Mutter, ajournalism professor at UC Berkeley, blogs at Newsosaur.com.

Reporter's Notebook Treasurer Says No Public Works Money until Budget Is Passed 8 MIN

The State Assembly and Senate convened today in a rare joint session to deal with an $11.2 billion deficit. Governor Schwarzenegger says if there's no action soon, the debt will be $2 billion greater by next month and the state will run out of money by February or March. State Treasurer Bill Lockyer is the man with the money and a message for the lawmakers.

Bill Lockyer, California State Treasurer

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