Auto Workers Suffer as Big Banks Reap the Benefits of TARP

By Robert Weiss

Whether or not you believe "The Big Three" (General Motors, Ford and Chrysler) still deserve a place in our society, there is no question that they have greatly impacted the development of what we call "America." "The Big Three" are not only by far the largest automakers in North America, they were for a while the largest in the world and are still a mainstay in the top ten. "The Big Three" are also distinguished not just by their size and geography, but also by their business model. The majority of their operations are unionized. Although the car companies were hardly multiracial utopias, they, especially Ford, employed African-Americans when many industries would not. Through the decades, the automakers and their higher wage scales provided a route to the middle class for many low-income Americans, especially those with limited education. Could it be that the failure of banks would result in wealthy, college-educated, high tax-bracket people on the streets looking for jobs, while the failure of our AMERICAN AUTO INDUSTRY will result in lower-income, working class men and women on the streets? When these working class men and women lose their jobs, there will be no golden parachute or million-dollar severance package waiting for them. Waiting in the wings might be a bread line or clothing shelter for them... and, yes, Americans are in fact standing in food lines. [more...]