Tough something, anyway. Two good pieces from NPR Morning Edition making the case for Chapter 11. Go have a listen.
President-elect Barack Obama wants to give U.S. automakers federal funds. Critics say funding without conditions would be like pouring gas into a broken-down clunker. Paul Ingrassia, a former Detroit bureau chief for The Wall Street Journal, says bankrupty might be a better option. He tells Ari Shapiro that bankruptcy could open the door to badly needed changes.
Advocates for the nation’s automakers are warning that the collapse of General Motors could set off a catastrophic chain reaction in the economy. Douglas Baird, a professor at the University of Chicago Law School, says in order to fix its financial problems, GM needs to confront its challenges head on. Baird tells Ari Shapiro that getting a bailout won’t solve the car companies’ problems.
Meanwhile, GM’s website offers me a great deal ($54,608.39) on a Hummer. Feed ’em to the sharks. And the Chevy Volt? Gimme a break. I like the underlying series-hybrid technology, but look, this is GM. Surely somebody else will come and do it right.
No wonder GM expects to sell only 10,000 (at $40K a pop, it seems) … in 2010.