At the end of the day, we have to let the car companies go bankrupt.
But Barak has some political payback to make. The decisions that he will make over these first couple of months will say a lot about the man.
The unions anointed Obama early and busted their butts to get him into the White House. The unions are also terrified that the big three will go bankrupt and throw all of their lard-laden contracts into the never-never land of chapter 11. But the union contracts are a large part what is killing the big three. The overpaid semi-skilled workers assembling the cars coupled with the incredible health benefits promised the retired workers are sucking the firms dry.
There are a lot of other things dragging the car companies down. Crappy model choices made by short-term thinking and greed, an archaic and parasitic dealer system with a set of business ethics would make a trial lawyer sick, overcapacity in a world growing short on oil.
So at the end of the day these sorry husks must change or die.
Bankruptcy would be a decent first step.
I wonder if Obama has the courage to let it happen.