Megan weighs in:
GM can’t be saved. It needs to go into bankruptcy, which is the only possible way I can see to adjust its legacy labor problems, and possibly provide sufficient shock to the corporate culture to allow the company to make a competent car. Even that may not work. And it’s going to involve a whole bunch of pain for everyone.
But unless we’re willing to essentially nationalize three auto companies, that pain is going to come, sooner or later. And if we want to keep auto workers from feeling pain, then we should just up and give them money. There’s no reason to waste steel on a lot of crappy cars.
Man, I hope Pelosi doesn’t get her way. Tom Friedman’s column made a valiant effort to make the case for a bailout, but I don’t see one. Haven’t I given up enough of my income to incompetent capitalists?
The Dish 