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To the Point

Preserving Wall Street, the Auto Industry and the Income Gap

To the Point

KCRW

News

4.4583 Ratings

🗓️ 22 December 2008

⏱️ 51 minutes

🧾️ Download transcript

Summary

Everybody understands the hourly wage contracts the United Auto Workers agreed to with GM and Chrysler. But only Wall Street knows how or why investment bankers get bonuses worth tens of millions of dollars. Are Washington's bailouts punishing transparency, rewarding stealth and preserving the income gap? Also, Toyota expects its first operating loss since 1941, and another White House tries to control the historical record.

Transcript

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0:00.0

From PRI, Public Radio International and KCRW Santa Monica, this is To the Point.

0:08.0

Preserving Wall Street, the auto industry, and the income gap.

0:15.4

Hello again, I'm Warren Alney, and this is To the Point from Public Radio International.

0:19.5

A daily look at the issues Americans care about most. Congress has granted $350 billion to Wall Street, and nobody really

0:25.8

knows where the money has gone. President Bush will loan $17 billion to GM and Chrysler,

0:31.0

but only with tough conditions, and demands that union contracts be redrawn. Would U.S. auto

0:36.7

companies be better off in bankruptcy? What about investment banks that can't be redrawn? Would U.S. auto companies be better off in bankruptcy?

0:38.9

What about investment banks that can't repay their clients?

0:42.2

Why do unionized workers have to sacrifice benefits

0:44.9

when Wall Street is still paying bonuses worth tens of millions of dollars?

0:49.9

On reporters' notebook later on,

0:51.5

will eight years of White House history disappear?

0:55.1

First, here's the news.

1:00.6

Support for To the Point comes from subscribers of KCRW Santa Monica

1:05.2

and from the Public Radio International Program Fund,

1:08.5

whose contributors include the Ford Foundation,

1:12.1

the John D. and Catherine T. MacArthur Foundation, and the Bill and Melinda Gates Foundation, dedicated to the idea that

1:17.2

all people deserve the chance to live a healthy, productive life. Information at gatesfoundation.org.

1:22.9

Hello again, Mormon Al-Ne back with To the Point. Everybody understands the hourly wage contracts. The United

1:28.4

Arter Workers agreed to with GM and Chrysler, but only Wall Street knows how or why investment

1:33.8

bankers get bonuses worth tens of millions of dollars. Are Washington's bailouts punishing transparency,

1:40.0

rewarding stealth, and preserving the income gap? On reporter's notebook, White House emails and

...

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