The TARP plan morphed into an absolutely laughable plan. What was intended to be a liquidity provider to organizations that held the most illiquid bonds/investments turned into this massive convoluted bailout package with a billion earmarks...its just crazy.
I do agree that the autos need to be bailed out / rescued but to do it without forcing them into bankruptcy first to break some contracts and agreements is crazy. Their daily burn rate on cash is EXTREMELY negative. To continue as is will just burn through the cash and 12 months from now they will just be asking for more cash. We could also sit here and debate if there is enough room/money for all three....the way i look at it, 2 out of the 3 survive.
To not provide some assistance to the auto industry is crazy. The latest economic/analyst report i read on the situation estimated a 50% unemployment rate for Detroit and NW Ohio if nothing is done OR if the Chyrsler/GM deal goes through...if you run an unemployment rate that high, you will effectively turn Detroit into a ghost town (more than it already is if you have been there recently).
