I say they need to file for a special Chapter 11 bankruptcy. Forget the fear of loss of consumer confidence, it's has happened already. The airlines hads similiar problems and they had collateral industries to consider as well but they are surving and taking the necessary internal steps to the right their ship.

I have worked in the auto industry for 38 years and I have represented auto dealers as legal counsel for over 14 years. The issues are not so cut and dry as one might think on the surface. It is a very very complex situation and I can tell you from first hand experience that the warning signs were posted over 30 years ago about the disaster that laid ahead but nobody gave a sh-- because everybody was making money and rock n rolling!

They should have left Chrysler (Mopar)go under in 1980 no matter what Barney Franks might say.

This is a wake up call for all Americans that turned from a fair wage for a job well done to an entitlement culture based on what's in it for me and a flagrant abuse of a credit based lifestyle.

John R...

Ah, come on, John, stop with the "entitlement" b.s. The legal industry has been my largest source of clients for the last dozen years or so and I know ****ed well that you do not allow your clients to set your fees.

So why should a working man be any different? Why should he not have a hand in determining what his fair wage is? It is true that he sells a slightly different product, but only slightly. In truth, a fair wage is whatever the hiring party is wiling to pay. It is only now - now that the market has changed, now that America allowed a free market for automobiles from countries where out own cars have been kept out of the markets - that a complaint about the automaker's fair wage has been raised. And even now, you ignore that wages have been reduced to rates that are competitive with the foreign manufaturers in America.

Chapter 11 Bankruptcy is intended to keep the enterprise operating while it reorganizes with the hope of improving profitability. Continue operations require willing lenders to finance continued operations - can you not see that if there are no lenders to supply the needed money now, they will not suddenly come out of the woodwork to finance a bankrupt company? And when this industry goes down, it will not be coming back.