Q&A:Should the Fed Bailout the Auto Industry?

NEW YORK—A proposed bailout of the auto industry failed to pass late last week. Congress killed the $14 billion bailout package after the United Auto Workers Union failed to agree on a pay cut schedule. Congress wanted to bring the pay wage in line with the Japanese auto industry; The UAW refused any pay cuts until their current contract expires at the end of 2011.

It remains to be seen what, if anything, President Bush will do about the bailout stalemate when he returns from a visit to Iraq. The Epoch Times took to the streets to ask, “Should the federal government bailout the auto industry?”