As reported in the Dec. 4th edition and on radio and TV, Jim Press, Vice Chair of Chrysler, proclaimed yesterday: "We're on the brink with the U.S. auto manufacturing industry...If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it's a huge blow. It could trigger a depression."
WATCHDOG: NewsLanc has as much confidence in these over paid and under competent auto executives as we do in their used car salesmen on their lots.
Chapter 11 of the Bankruptcy Code is precisely what is needed to make them immediately credit worthy (all new debt has precedent over old debt) and bring about better management and true sacrifices from the various 'stakeholders'. The process would put the manufacturers on their way to recovery. Anything else is tax money down the drain.
Editor's note: Our publisher operated auto distributorships for several years. His revelations concerning General Motor's disastrous investment in Fiat were prominently (and we suspect gleefully) published by Auto News.
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Watchdog, the media criticism and analysis column at Newslanc.com.
