[Bob Seger]

Not true. General Motors and Chrysler would have gone through Chapter 11 Bankruptcy (Reorganization) and come out of the process in at least as good and probably better shape than they came out with the handout. The taxpayers would have certainly come out better.

Through the years, many coroprations, small and large, have availed themselves of the protections of reorganization and have done fine. One such corporation was Walt Disney Productions.

The bailout set a bad precedence. The reorganization would not have done so. That is fact.

That is exactly right. That would have allowed GM and Chrysler to get their out of control and rediculous labor contract obligations reorganized to a level as to where they could compete with global competition. I will predict that they will be in the exact same shape they were in before, not so far on down the road. Greed from all parties will still enventually spell doom for the American car industry. Ford may be in better shape than the others right now but ultimately it will get them too. Never understimate the screwed up mentality of a union worker coupled with the greed of the American stockholder to destroy anything that could be..