GM needs a bailout? Well, no they don't. They don't deserve one, as no business, large or small deserves one. The taxpayers voted with their dollars, and bought better built and better styled Toyotas and Hondas. The fact that GM, Ford and Chrysler may now make good cars is irrelevant; the public still doesn't think they do.
Chrysler should have been allowed to fail back in the '70s. GM and Ford would have expanded due to the competitive advantage (and hired a percentage of Chrysler's former workers). Instead, Chrysler's bad business practices were papered over by Uncle Sam.
Let GM go bankrupt. It will serve notice to other companies that there is no government reward for bad business practices. It serves notice to unions and their members that there is a cost to excessive compensation packages.
Yes, GM is an American business icon. Bankruptcy gives it a last chance to survive. If it doesn't survive, its assets will be sold off, and better-managed competitors will take advantage. It's the way a free market needs to operate. If the government gets in the business of "saving" large companies, that means that the government is actively making the taxpayer an investor in those poorly-run companies, an investment that most taxpayers wouldn't make of their free will.
No company should be "too big to fail".
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Chapter 11 or nothing. The Big 3 have been poorly managed since the 1970s. They have a chance of survival if they file for bankruptcy. Either they accept that solution (like so many other small businesses have to) or the government stays out of it. No bailout for GM, or really any business. Let their smarter, better-run competitors flourish, and buy up the leftovers.
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