What I believe is that we need to let them file for bankruptcy just like the airlines did and they can re-organize by getting rid of the bad management they have had for years. They need not pay people 96 percent of their salary after they lay them off, never heard of this before, I had an Uncle who retired from GM he had a great retirement package but hey that was back in the 80's and early 90's. He passed away from cancer when he was 71, but did use his retirement to travel a little before he got sick.
Anyway back to the big 3, if the government gives them money without our vote, we need to speak up. This is not right, before you know it we will be bailing out Cruise lines to Rental car companies.
Creative Conclusion:
File chapter 11, re-organize (get rid of dead or bad management) get a plan of action for re-tooling move forward on coming out with the best car America will be proud of for a change.
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People will not buy cars from a bankrupt car when they have to invest $25,000 on something that needs parts and service for at least 3 years and sometimes ten or more years. All these advocates of bankruptcy for the Big 3 just don't understand the industry. And if GM, Ford, and Chrysler go under, so do many of their suppliers. Many of the supplier jobs will be lost. Then since these suppliers also supply Honda, Nissan, Toyota, BMW, those plants will not have the parts they need, which will lead to more layoffs until a new part supply base can be built. Under normal circumstances, people could get credit to buy cars and the Detroit 3 could get credit to fund themselves privately. But now, with the financial crisis, they have to go to the government.
The question is not who is to blame, but what should we do that is best for the country... OUR country and OUR corporations. It means a lot for our trade imbalance, GDP/tax revenues, and our national security. Don't expect Volkswagen or Toyota to manufacture tanks and weapons parts for the USA in the event of a war.
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