Going BK (Chapter 11) is the best thing that could happen for these companies. It will force the unions to make necessary concessions to deal with reality. If Japan and Europe can make cars here for a company avg. of $49/hr why should we taxpayers fund companies that can only do it for $70/hr? Everyone builds cars that are sourced internationally, so why should taxpayers prolong the death of uncompetitive companies.
America used to make all the household products for the world. They don't cuz times change. You literally cannot buy an American made TV or most any other household appliance anymore. WHY? Because it is more efficient to build them somewhere else. History and Pride are why we continue to feel as though we need to help the car mfg's. Get over it, cause the unions have flushed pride down the crapper. They have forced all phases of working America into currently unsustainable positions economically, and they are unwilling to do what is necessary to remain competitive.
I realize this will be rough for a million workers, but either the company reorganizes and works their way out OR they just cease to exist. I am a member of one of the most powerful unions in the country, teachers, and I am fully expecting that my employer who currently pays over $600 towards my benefits, may no longer be able to do so. I already pay more than that in addition, and I guess I will have to dig a little deeper. I don't like it but I know the state is broke and unlike the USA, won't just print more money. The numbers are real, and thank God the Senate Republicans so far have stood strong against throwing money at GM and the others.
The real irony of the Auto Bailout is that the Dems are running everything in Govt. now and into the future, and the faithful unions are giving them the big middle finger.