Monday, November 24, 2008

A Good Argument for Bankruptcy of the "Big 3"


Let Detroit Go Bankrupt

Published: November 18, 2008


Readers' Comments

"The federal government needs to rethink its priorities. Let's spend our money wisely and invest in 'America' first."
Dr. Arnold Wolf, Sterling Heights, Mich.

IF General MotorsFord and Chryslerget the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.

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