The Observation Deck

Valerie I'm not sure what exactly is your point. Whether or not Chrysler and GM should be saved? Perhaps they should, at whatever cost, as you point out. Rather than liquidated.

The issue here is, who should the owners should be. Many (including me) think that black letter law should be followed, and that secured creditors should be the FIRST recipients of Chrysler and GM. Apparently others do not. Chrysler could have been kept in business while respecting established law.

Two separate issues.....

I realize that they are two different issues. I guess my point is that when you receive government money to keep yourself afloat, it can come with strings attached. Like, when I lived with my parents and they bankrolled my life. I had to play by their rules until I was out of college and ready to support myself with my own money.

So had they not received money, something like what was described in my article would have happened. Which would have been bad for the industry as a whole as well as the entire economy. I see what you are saying, but I am of the mind that the alternative was unthinkable. The final outcome now is not ideal, but that is how it shook out. Damned if you do, damned if you dont and all that.

And what Brian said is true.. they were offered a deal and declined it. It wasnt a great deal, but it was probably the best they were going to get.

what did which creditors get of Georg W. Bush's 13.9 billion bailout loan to the big three?

what did creditors get of Barack Obama Administration's 6 billion dollars of additional support to Chrysler? Are there contingincies for this in the black letter law?

why are the big three no match for industrial nationalism Japan? small resource poor japan? why don't big 3 executives not want to be more like japan? why don't big 3 employees want to be more like Japan? is the goal to be Japan?

Here is my prediction for 9 to 13 years from now: Japan and some Russian oil oligarchs will own big stakes of chrysler and GM. They will own big stakes in the parts suppliers. America will invade Iran or Nigeria or Ecuador or Venezuela or Sudan. the president will make optimistic speeches about freeing america from oil dependence and spreading democracy. Garth Brooks will not be getting off at the local train stations to promote the sale of war bonds.