We should really put pressure on Congress to kill this for now. Let’s make the Dems bail out the unions all by themselves so we can not be blamed. And make no mistake, that is what this is. The non-unionized auto makers are not asking for money. They are going to make it through just like any other slow economic times. If GM is to be believed, they will default on debt within a month. I would love to see them forced into bankruptcy, so they could get out of these rediculous union contracts and reorganize down south where we appreciate businesses that provide good jobs.

Haven’t seen or heard anything about the Big 3′s plans to be submitted to Nancy in detail, but, from what I hear the big concession is that the CEO’s will work for $1 a year, they will give up their bonuses and bonuses for top management, and I think they already gave up on the incentive payments to dealerships. No word at all yet as to what will be done about the UAW committments. And, they are driving their hybrids to Washington.

If I am not mistaken, hasn’t Obama already previously promised help because they are too big to fail? So will this come up again in January if it fails now?

While Congress is demanding that the companies make tremendous concessions, they themselves are not willing to concede some of their mandates, like delaying the CAFE standards?

BTW- What is Pelosi going to do when Obama does his many many pressers, is she going to try to talk over him or around him?

CEO’s working for $1 a year, no raises or bonuses, and driving to DC in Hybrids seems like a dog & pony show on parade.

How does any of this correct decades of poor management practices, union greed, and defunct business models established maybe a century ago?

It seems to me the Detroit automakers have based their entire life expectancy on the basis of making it up on volume sales. Once the sales declined due to the other factors their cash flow ceased.

For me, giving them money without something more substantial than driving hybrids or taking pay cuts in management is bad medicine.

This is going to require major surgery for them to survive, but it should not be at the taxpayers expense.

And Congress should not be the ones managing anything. They can’t even manage their normal duties let alone expect them to produce viable results in a business model that is terrible to be begin with.

Examining GM’s financial statements – which likely overstate asset values and understate liabilities, $100 billion would not be sufficient. They were at least $60,000,000.00 underwater in September and it is likely far worse now.

It cannot be saved. It must be liquidated through a bankruptcy procedure. Yes, that will mean a lot of people in the Midwest will have a very unhappy Christmas – that is if their joy comes from materials things. For others, however, I suggest they spend $12 on Josh Groban’s album Noel. It is sheer beauty and near perfection (at least so far as earthly things can be). It brings tears to my eyes. Give it a chance: it may do the same for you.

We have tough times in Florida, too. But, our state has been more frugal and has kept taxes low. We have a much greater cushion than do many states.

I do not want to lose that cushion to save Ohio and Michigan. Sorry, but you should have thought about that some years ago.

“Saving” GM and Chrysler by designing cars in the White House puts off the inevitable. We can inflate our way out of this and thereby create an unfathomable mess in a few years. Or, we can take our lumps now and return some reality to the market.

Notice some things about U.S. history. I love this country, but no law of physics holds it together. Our first twelve years as the United States of North America was dysfunctional. We wrote a new Constitution. Approximately 75 years later, we fell apart – and nearly stayed that way. Approximately 75 years later, we struggled with a Great Depression and flirted with socialism – and worse. We joined two World Wars which we darn near lost. Now, approximately 75 years later we face another crises. Will we survive as a nation?

Six months ago, that question was laughable. Well, no one is laughing now.

We are all suffering and we will all suffer more. But, if we start to save some regions at the great expense of other regions . . . well, that could get out of hand quickly. And we cannot save everyone and everything, though the Fed and Treasury and Congress seem to be thinking otherwise.

Here is a thought: let the Fed purchase all U.S. debt – not just a few hundred billion. All of it. $5 trillion, $10 trillion, whatever it takes. Give the Chinese newly printed currency . Cancel the debt (in civil law, the doctrine of debtor and creditor being the same is called confusion – an apt term). Exporters and education (mostly an exporter these days) and holders of commodities will have a big party.

It will not last, but it will be a heck of a ride for those who put their value in things.