Auto Bailout Dies In Senate
CBS
Transcript
first the big question this morning in Washington and in Detroit what happens next the $4 billion bailout plan for the Auto industry collapsed late last night in the Senate CBS News correspondent Cheryl aison is on Capitol Hill with more Cheryl good morning good morning Julie the sticking point was the Auto Workers Union refusing to agree to Swift pay cuts we are about three words three words away from the deal we've solved everything substantively and about three words keep us from RE reaching conclusion tonight lawmakers were three words and ultimately 14 billion do away from a deal to keep Auto Giants GM and Chrysler from bankruptcy after Marathon talks behind closed doors and with an agreement seeming close there came a late night collapse over one issue the sticking point that we are left with is the question question of whether the UAW is willing to agree to a parody pay structure with other manufacturers in this country in other words the union refused to agree to wage and benefit cuts to bring them in line with Toyota and Honda workers in 2009 it's over with I dread Mr President I dread looking at Wall Street tomorrow it's not going to be a pleasant site millions of Americans not only the Auto Workers but people who uh sell cars car dealerships people who work on cars are going to be directly impacted and affected it's going to be a very very bad Christmas for a lot of people GM and Chrysler knew it was a possibility that the Congressional plan could fall apart and are said to be Consulting now with bankruptcy attorneys The Last Hope Julie for right now could be if the Bush Administration comes up with Plan B CBS is Cheryl ainon thanks Cheryl [Music]
Mich. Mayor Lashes Out
CBS
Transcript
we're joined Now by Verge Monero mayor of Lansing Michigan which has two GM plants that employ some 6,000 workers mayor good morning are you in shock are you bewildered are you dismayed well I'm not happy this is a colossal failure in leadership uh that imperils our future here and really across the country puts this economy uh closer to the cliff and I think we see that already in the in the reaction do you hang on a second do you blame the UAW do you blame the Republicans do you blame the car companies for lack of imagination uh look there's plenty of blame to go around and you didn't mention Congress in Wall Street and the most of the blame is Washington and Wall Street for bringing us to this point you know I find it highly ironic to have Congress people lecturing the UAW about cutting their wages why don't we put Congress people and Senators on Merit pay and see what they would be making what has their productivity been give me a break that they're leaking they're they're flowing red ink out of Washington they print money and then they're going to lecture and Wall Street the wall stre Wizards that brought us to this point you know what the UAW and the big three are guilty of is raising the standard of living in this country not just for union workers but for all workers because the reason that the workers at the non-union plants get paid what they do which is I guess a decent wage is thanks to the UAW but now we have Republican Senators beating up on the UAW and demanding that they take concessions why don't we start the concessions in the US Senate let me ask you this though if it hinges on whether or not the UAW makes concessions or not isn't it incumbent upon the UAW to make the concession to save the save the industry and the UAW has made concessions the UAW has made historic concessions and I'm sure they're willing to make more is the US Senate going to dictate exactly what an auto maker works again I think it's it's the height of hypocrisy for them to be demanding that we go down to to uh you know standards of our of of competitors overseas they they've outsourced our standard of living by trade agreements that are not fair they've already made an unlevel playing field where the American worker can't compete you know when we competed in China on a Level Playing Field in the Olympics we brought back the gold the American worker today can bring back the gold if we can level that playing field any chance that President of the United States pops 15 billion of tarp money to to to save this de I'm glad you asked that because due to this colossal failure in the US Senate now it's up to the president and the treasury secretary and I call on the president and I think working Americans will appreciate the president stepping in and pull us back from the precipice pull us back from the economic Cliff because this is the thing that could push us from recession to depression for God's sakes I hope the president acts virge Panero thank you so much for your time this morning you bet all right [Music]
Bush Vows Auto Bailout
CBS
Transcript
first the big question this morning in Washington and in Detroit what happens next the $4 billion bailout plan for the Auto industry collapsed late last night in the Senate CBS News correspondent Cheryl aison is on Capitol Hill with more Cheryl good morning good morning Julie the sticking point was the Auto Workers Union refusing to agree to Swift pay cuts we are about three words three words away from the deal we've solved everything substantively and about three words keep us from RE reaching conclusion tonight lawmakers were three words and ultimately 14 billion do away from a deal to keep Auto Giants GM and Chrysler from bankruptcy after Marathon talks behind closed doors and with an agreement seeming close there came a late night collapse over one issue the sticking point that we are left with is the question question of whether the UAW is willing to agree to a parody pay structure with other manufacturers in this country in other words the union refused to agree to wage and benefit cuts to bring them in line with Toyota and Honda workers in 2009 it's over with I dread Mr President I dread looking at Wall Street tomorrow it's not going to be a pleasant site millions of Americans not only the Auto Workers but people who uh sell cars car dealerships people who work on cars are going to be directly impacted and affected it's going to be a very very bad Christmas for a lot of people GM and Chrysler knew it was a possibility that the Congressional plan could fall apart and are said to be Consulting now with bankruptcy attorneys The Last Hope Julie for right now could be if the Bush Administration comes up with Plan B CBS is Cheryl ainon thanks [Music] Cheryl
UAW Head Answers Critics
CBS
Transcript
Ron galfinger Rose from chassis line repairment at a Ford plant in Louisville to become president of the United Automobile Workers Union representing more than 1 million members the perception Mr gettle finger is that this bailout fell apart because your union would rather see the auto companies go under then take a pay cut true or false uh that's totally false uh Katie and incidentally this was an emergency bridge loan that would get us through uh this economic downturn that our entire nation finds itself an having said that UAW members average 42 paid days off a year including 5 weeks of vacation and 17 holidays do you think Mr GLE finger this may seem excessive in light of current economic conditions and the condition of the US Auto industry right now well you know I I would like to compare that maybe to the Congress of the United States but I won't do that uh what I will say to you is this we have made it unequivocally clear that as long as all all stakeholders are willing to come back to the bargaining table we're willing to be there we're willing to do more you're insisting really that labor has been asked to sacrifice too much and more than anyone else I want to be clear labor has made a tremendous amount of sacrifice in the past are we willing to do more yes we will but I don't even know what that means until we get the right people at the table you support intervention from the White House and the treasury Department to Stave off bankruptcy why do you think that's so important customers will not buy an automobile from a bankrupt company when one of these companies goes into chapter 11 they're going to go from there to chapter 7 and they're going to dissolve the company will no longer exist and you think that that will lead to the demise of the other big three automakers I think I think for sure it it would take two of them down there's no question in my mind that if General Motors and our Chrysler goes into bankruptcy uh it's all over for those two companies Ron galfinger president of the UAW thanks so much
Where's The Bottom?
CBS
Transcript
in a nutshell 2009 looks like what to you miserable 2010 miserable even worse after all the bailouts why is the Outlook so bad it turns out there's a second mortgage shock heading for the economy that will put many more Americans out of their homes it's not easy to to come in and move a family out it's it's just our job to do it for the bank