Auto Bail-Out – UAW, The Big Three Congress and the Fed

Are the US automakers too big to fail? Congress and Bush administration officials are considering using some of the existing $700 billion financial-rescue money as bridge loans to the automakers to hold off the collapse of Detroit’s Big Three. GM, Chrysler, Ford and the United Auto Workers are negotiating a lifeline to their future. What needs to be restructured? And does an average auto worker really make $73.00 an hour? We talk with PROFESSOR PHILIP HARVEY, who teaches Contracts, Labor and Employment Law at the Rutgers School of Law in Camden, and MICHAEL RAMSEY, Automotive Reporter for Bloomberg News. Listen to the mp3