I am not sure how I feel about a bailout of the automakers. As companies, I don't really care whether the firms succeed or fail. I am more worried about the impact of a bankruptcy on the greater economy, and wonder if an implosion of the auto industry could tip the economy from recession to depression. The auto industry is more than Ford, GM and Chrysler, and the ancillary impact across the Midwest and the entire country is what troubles me.
Eventually, the government is going to get stuck with the auto industry's legacy pension and health care issues. It is just a question of time.