Running on Empty
Republican Sen. Richard Shelby seems to be one of the only real capitalists left on Capitol Hill. The Alabaman argued Wednesday that U.S. auto firms should be left to the realities of the market, letting companies like Ford, GM and Chrysler go bankrupt and forcing the failing industry to carry out what Shelby believes are much-needed reforms.
Wait, before you go…
The United States’s biggest carmakers should be allowed to go bankrupt, a leading US politician has suggested.
Republican senator Richard Shelby said that Ford, GM and Chrysler should not get a $25bn government bail-out.
Mr Shelby said this would avoid factory closures and job cuts, and would just be “life support”.
He called for the car firms’ bosses to quit and for the companies to file for bankruptcy protection, so they could carry out much-needed reforms.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.Support Truthdig