Um...I don't get it!

I was reading the news today and saw that the US Senate is going to push for a $50 billion dollar bailout for the auto industry. Am I the only one who doesn't get this? Well, obviously not, because the Republicans are opposing it, for now anyway.

Here's what I seem to be missing. GM has posted big losses (billions) for the last 5 quarters, however, the 'economic crisis' only hit last quarter. Ford and Chrysler have been having similar problems for the past few years. So, how is it that their problems are the result of the current economic crisis and require a bailout?

Here's something I know. Foreign automakers have set up shop in several US cities, and seem to be doing ok. What's the difference you ask? The foreign automakers set up outside of Detroit, and away from the United Autoworkers Union. Free of the UAW, foreign automakers are doing ok...not great, but ok.

I'm going to quote Senator Richard Shelby (R-Ala.), a member of the Senate Banking, Housing, & Urban Affairs Committee: "The financial straits that the Big Three find themselves is not the product of our current economic downturn, but instead is the legacy of the uncompetitive structure of its manufacturing and labor force." In simple terms, they've allowed the unions to run wild, and now it's coming back to haunt them. Why should the taxpayers have to pay for bad business practices of 3 companies? If this bailout goes through, where will it end? No one knows.

Even though this may seem cold, I say let the big three automakers to go into bankruptcy. We let airlines go into bankruptcy, and they reorganize and come out better for it. The same needs to happen here. It's in the best long term interest of the taxpayer and the companies. So, here's hoping the Republicans keep up their opposition to this bailout.