After a compromise between Democrats and the Bush White House, Congress passed the $14 billion Big Three bailout bill last night. Today Barack Obama said government can't stand by and watch the auto industry collapse, warning of what he called "a devastating ripple effect" throughout the economy. But in a debate on the Senate floor today, some Republicans accused the Bush White House of making a bad deal with the Democrats, including a so-called "Car Czar" they said would have too little power. Adamant those against helping Midwestern companies were Minority Leader Mitch McConnell and Richard Shelby of Alabama, both from Southern States which have subsidized non-union factories run by foreign car-makers. Are regional interests playing a role in preventing what Democrats, including Barack Obama, call a disaster of national proportions?
Will the US Get a 'Car Czar?'
Todd Spangler - Detroit Free Press, James Rubenstein - co-author, Who Really Made Your Car?, William Diem - Paris-based automotive journalist, Daniel Howes - Detroit News - @detroitnews, Yves Smith - financial consultant and blogger