Is there a realistic plan by the automakers to become profitable? If not the $50 billion will just be throwing money down the drain. They were losing money before credit crisis hit. Why don't they take a look at the expenses? Can they be saved at any price? Will this be a loan or a handout? Much of the money will go to health and retirement benefits. I don't see how they will be profitable without cutting back expenses and that nmeans job losses eventually.
There are going to be tremendous job losses in the industry no matter how this is handled. Chapter 11 is the answer but I dont think the Dems will ever let that happen. They must protect their unions.
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