U.S. House approves $15B auto industry bailout
That's right, the taxpayer "investment binge" continues as the House of Representatives moves the issue on to the Senate for discussion and a vote. When will this insanity end?
In 2007, GM and Toyota sold about the same number of automobiles - 9.36 million units ... Toyota posted a 17 Billion dollar profit and GM lost nearly twice what Toyota made ... over 37 Billion dollars.
The biggest difference comes down to the agreements Big Auto made with Big Labor ... but no one wants to address this root cause to the problem with the business model.
The House passed a $15 billion auto bailout bill Wednesday, but a key supporter saw trouble ahead in the Senate.
"I don't think the votes are there," said Sen. George Voinovich, R-Ohio, a backer of the measure. Earlier in the day, several GOP critics lambasted the bill as not going far enough in requiring changes, even though the White House supports it.
"This is only delaying their funeral," Sen. Richard Shelby, R-Ala., said of the carmakers.
The bill passed the House by a vote of 237-170. Senate Majority Leader Harry Reid of Nevada said the Senate would debate the legislation through the weekend if necessary.