All Over But The Chry-ing?

March 31st, 2009 by alyx · 2 Comments · breaking news

failboat-gm-chrysler1

From the “Things We All Saw Coming” department, Obama briefs Congress that his real homework assignment for GM and Chrysler was to read chapter 11:

While Obama two days ago gave GM 60 days to come up with deeper cost and debt reductions than the biggest U.S. automaker proposed in a viability plan submitted last month, the “quick and surgical” bankruptcy his administration described as an option appears to be inevitable, the people said. Obama personally signed off on asking GM Chief Executive Officer Rick Wagoner to step down, as he did on March 29, they said.

Edited to add, the adminstration is now calling Bloomberg a bunch of lying liars.

“Prepackaged bankruptcy” makes me think of really bad casserole, and probably tastes a lot like crow, I think. But before you get too emo for Chrysler and GM, you have to think that the least thrilled about this entire state of affairs is Ford, who chose not to take failout aid and will now find themselves at a competitive disadvantage to the leaner, meaner iterations of the revised companies. Do you really think the unions are going to give Ford the same cuts that come out of bankruptcy court, just for fun? On the upside, they may be able to grab some market share out of the confusion, but on the downside, they stay saddled with a lot of fail.

2 Comments so far ↓

  • Fartles

    Yeah, although we’ve sort of become mentally numb over our nation of Faildom lately, this is especially ominous. As Jason said earlier, it isn’t just that Michigan’s entire economy hinges on these companies, these companies are a symbol of the nation. As much as there are realities behind these ridiculous economic times, there are also mental psych-outs…and this one, if ch. 11 comes to pass, is a real doozy for the rank and file of this country to get their heads around, most assuredly.

  • Mark Dowling

    I don’t know about Ford US but Ford Canada should definitely be looking for parity – after all, isn’t that what “pattern bargaining” is all about?

    http://www.google.com/hostednews/canadianpress/article/ALeqM5hxX-KMo3V3ijMTbS–HtcNROBThg

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