EDITORIAL: The case for Chapter 11

There is no company that is too big to fail...yeah right. Yes there is. The biggest company in the world has already failed. The people. Ford, GM and Chrysler have already rolled the dice and failed miserably and yet they are ready to lambaste you if you miss a payment. They are ready to take the vehicle that you have already paid so much of your hard earned money for and when you try to contact them, they want to make you feel like less than human...god help you if you are one of those people that lost your job. Let them fail....let them see what the rest of us have to go through when we are having trouble keeping up with payments. I have absolutely no love for the big three...especially FORD. Call your congressmen and congresswomen and tell them to tell these companies to go screw.

In 100 years of carmaking, no automaker has ever survived bankruptcy. Ever. The reason the Detroit 3 need government bridge loans, which will be paid back, with interest, is precisely because the market failed (housing bubble, credit crisis, bank failures). Yes, some of the D3's decisions made them vulnerable, but the fact is, companies like GM, where I work, were well underway with solid restructuring programs when the credit crisis hit. Customers can't get credit, auto companies can't sell cars. The entire industry is now in trouble. GM has made vast improvements in quality, design and fuel economy and is close to eliminating the wage/benefits gap with the transplants. It is getting the job done. Now we need some support from Congress to finish what we've started. We, as Americans, are willing to dispose of more than 3 million jobs to prove a point? http://gmfactsandfiction.com/

nitehawksr is dead on. I'm embaressed every election of those elected, 99% of them are either incompetent or dishonest. I'm fortunate in having Ron Paul as my Congressman, he doesn't lie to us, doesn't make empty promises, and fearlessly fights for the freedoms promised us in the Constitution. It's sad but true, 'People get the Government they deserve'. Hopefully there is enough time left to purge our Government of these liars and thieves before America falls.

The only way the D3 can survive is through ch11. They need to be able to extricate themselves from those ridiculous UAW contracts. Job banks where workers receive 95% of pay while laid-off? Are you kidding me!? Their other problems are offshoots of their union problems. They can't afford to re-tool the factories to keep their product lines up to date, because of the cost of the union's health care and retirement benefits and their poor product quality is exacerbated by employee's who won't be fired for incompetence. I'm getting tired of driving my '89 Honda, but the damn thing just keeps running like a charm. Well, I guess that is one thing the D3 have going for them. You know their cars will mechanically break down long before you want to buy a new one.

I have owned four GM vehicles, and two Fords. While the electrical systems in both Fords were poor, my experience with the GM products has generally been good. But because of (1) the arrogance of Wagoner in his recent testimony, (2) the greed and myopia of the UAW, and (3) the fact that the D3 piled just about all their eggs in the SUV/truck basket, I have no sympathy. $78/hr is not a wage that reflects the skill level that goes into making these vehicles. Perhaps the US government can give the D3 the same help received by Toyota, Nissan, and Honda from the Japanese government, and then we can see if domestic auto production can compete.

I'm sorry raynal but these three companies are dying and in all likely hood they will die with or without these bridgeloans or lines of credit. A healthier economy and the re-org plans might keep them alive a little longer but the basics of these companies are very poor and not competative. I think the only issue here is whether or not propping them up temporarily is worth the money (we'll probably get it back in bankrupcy as we're first in line) to ease the current economic crisis.

I have owned a new Mazda, new Honda (two), new Ford, and a new Dodge. Only the warranty for the Ford and Dodge was ever used (and Dodge didn't find the problem until the warranty had expired - one of those stupid oxygen sensors). My outside mirror recently simply fell off my Dodge and busted up as it was held on by three little sticky pads (I then found Dodge only sells the entire assembly for a mere $400.) So when it comes to a warranty, that is definitely an issue with the US made autos. There is a reason people used to say never buy a US auto built on a Friday! US auto companies have gone out of business or gone bankrupt. The reason was they could not compete with The Big Three. Well, we never bailed them out so now that Honda, Toyota and Nissan are doing to them what them did to other companies, why should the tax payers step in?

What's really happening is that Dems want credit for helping "Main Street" i.e. the autoworker, but can't quite do it yet because there aren't enough votes. So they asked D3 to "come back with a clear plan." And at today's hearing they were asked by the Dem chairman if they would accept an "oversight board" and/or an "Auto Czar." What a joke. The questioner already knew the answer...of course they would. Dems want a reason to give the unions money. Its like a class that failed the first exam, and now the teacher is giving the class another chance.

Bankruptcy is ALWAYS an option. But I'm hearing arrogance and elitism instead of sobriety and humility from the Big Three and the UAW. So, "willing to dispose of more than 3 million jobs to prove a point?" Yep. Yours first, mraynal. Keep your hands out of my wallet.