America, You Asked For It!

Political News and Commentary from the Right

Bankruptcy Is Best Way to Save Auto Industry

from The Foundry

Last night while marshaling votes for the House’s eventual 237-to-170 vote in favor of nationalizing Detroit, House Majority Leader Steny Hoyer (D-MD) told the Wall Street Journal: “If we do nothing we face the risk that sometime soon there will be no American auto industry.” Hoyer has it exactly backward. A government takeover of the Big Three represents the biggest threat to their long-term existence, while a Chapter 11 restructuring is the best way to ensure the long-term viability of the industry.

…(Read full article)

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December 11, 2008 - Posted by | Bailout | , , , , , , , , , ,

2 Comments »

  1. All true but you’re not treating the cause – the Wall Street Graft and Corruption Continuation Bill already passed. visit- http://www.geezergator.wordpress.com

    Comment by sandysays1 | December 11, 2008 | Reply

  2. Why doesn’t the list of possible solutions consider the possibility of merging the two most troubled entities into a single corporation (i.e. – Chrysler and GM) …… reduce overhead costs, design costs, take the best of both entities in forming new company, reduces bloated dealership networks on both sides, reduces capacity, etc., etc.

    And, please, don’t allow the garbage about “clashing cultures” and other such nonsense become a reason for not streamlining things

    Comment by David, Houston, TX | December 11, 2008 | Reply


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