Preserving Wall Street, the Auto Industry and the Income Gap

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All of Washington decided that Wall Street's investment bankers were "too big to fail," to the tune of $350 billion, and nobody really knows where money has gone. After Republicans in Congress held up loans for US automakers, President Bush scraped up $17 billion to keep General Motors and Chrysler from going bankrupt, at least for a while, but only with tough conditions and demands that union contracts be re-drawn. Would US auto companies be better off in bankruptcy?  What about investment banks that can't repay their clients? Why do unionized workers have to sacrifice benefits when Wall Street is still paying bonuses worth tens of millions of dollars?   




Warren Olney