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Lining up for a bailout
The auto industry’s Christmas present from the government — in the form of a $1 billion loan to General Motors and a $5 billion stake in GMAC — may have left other industries hoping that the giving season isn’t over yet.
The steel industry is pressing President-elect Barack Obama to boost the flagging demand for U.S.-made steel by instituting a “buy American” clause in his infrastructure stimulus package, the New York Times reported.
“As steel production goes — and it is now in collapse — so will go the national economy,” writes the New York Times, referencing the maxim once applied to The Big Three automakers.
But why stop at manufacturing industries? Rep. Frank Nicastro of Connecticut and some of his fellow legislators want to save two local papers, The Bristol Press and The Herald, which are hanging by a thread after their publisher said it cannot afford to keep them.
Which companies are really too big to fail? If you were writing the check, who would you bail out?
(Pictured above: Workers secure a steel beam at a construction site on 8th Avenue and 42nd Street in New York, April 21, 2008. REUTERS/Shannon Stapleton)