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Louisville congressman John Yarmuth says congress must approve some sort of bailout for automakers. But his fellow Kentucky lawmakers may not be willing to jump on board. Here's my story. See Sen. McConnell's statement after the jump. Calls to congressmen Geoff Davis and Ron Lewis were not returned. A spokesman said Jim Bunning didn't want to talk until next week. Congressman Ben Chandler's spokeswoman wouldn't comment. Here's the statement from McConnell's spokesman: "Earlier this year, Congress acted in a bipartisan way to help the auto industry and protect jobs. The Congress passed and the President signed legislation authorizing $25 billion in low-interest loans to help American automakers retool their facilities to make the fuel-efficient cars of the future. It may be that there are changes that need to be made in order to expedite these low-interest loans. Other ideas have been floated and all will receive a review as we approach the Senate's return next week." Don Stewart
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I don’t think we have a choice but to bail out the auto makers, but I’m angered by the prospect. I’m disappointed that people stuffed their pockets without regard for anyone but themselves, let alone their companies, and left the rest of us holding the bag. I’ve been a contributing American since I was 17 years old, and I’m now 52. I’m unhappy with those people who have made my future uncertain. As an educator, I’m even more angered by the lesson they’ve taught: it’s better to scheme and plot than to deal honestly and fairly. I hate this situation, but I have to go along with it. It stinks.
Of course there is a choice: don't bail them out. The Big Three can file for bankruptcy and still pay their suppliers and keep manufacturing cars. In bankruptcy the Big Three could ditch their labor agreements and pension and health care obligations to their workers and retirees and be competitive again if they would quit building too many vehicles that people do not want to buy.