Congress sends Draft of Auto Bailout to White House

From the AP

The measure would rush bridge loans to Detroit's struggling Big Three but would also demand that the auto industry restructure itself in order to survive and would put an overseer chosen by President George W. Bush in charge of monitoring that effort, according to a draft obtained by The Associated Press.

An interesting tidbit; labor in Michigan costs automakers over $70 per hour, thanks in large part to excessive reglations and Union contracts. In places like Tennessee and South Carolina, labor costs BMW and Toyota plants something like $35 per hour. No wonder Detroit can't compete.

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