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


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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.