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Politics : President Barack Obama
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To: koan who wrote (45131)11/19/2008 1:40:32 PM
From: stockman_scott  Read Replies (1) of 149317
 
I've talked with a few of my friends in Chicago who are in the turn-around/restructuring business...and there are some valid arguments that bankruptcy of the Big 3 automakers would actually become Chapter 7 liquidation, not Chapter 11 restructuring; the nameplates and assets worth saving would be bought by foreign car makers.

The funny thing about the healthcare costs with which the US automakers are saddled is that their competitors in Japan and Germany don't have such worries, because their workers have long had national healthcare. A huge cost has been socialized for the foreign automakers, who then eat our automakers' lunch. So now we'll just dump all those unemployed U.S. auto and supplier workers on the U.S. government anyway, while losing our domestic auto industry...Hmmm....Doesn't sound like the best approach for any of the stakeholders -- especially in this fragile economy (as we're entering into one of the worst recessions since World War II).
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