Bailouts, Perferences and Industrial Policy

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The White House says if Democrats can get their act together it's "very likely" the Big Three automakers will get massive federal assistance. But auto workers are on a caravan from the Midwest to Washington, complaining they have to make more concessions than Wall Street financiers. The Bank of America, which got $25 billion in taxpayer bailout funds, cut off credit to their employer; the auto workers got three days notice of termination, when federal law requires 60 days. They've become a symbol of the complaint that the bailout process favors the white-collar financial sector at the expense of blue-collar workers. Is Wall Street more important than other sectors of the economy? Does the US need a policy for manufacturing, too, like Barack Obama's jobs-creating stimulus plan?




Warren Olney