Auto Industry V

Bailout or Bankruptcy discussed in the NY Times today. GM executives are spreading fear and speaking of the dire consequences of GM declaring bankruptcy - loss of millions of jobs, etc. The only thing that is sure is that the executives will lose their jobs. GM is not Lehman. GM will survive a bankruptcy. They will reorganize. They will slim down, renegotiate with the unions, focus their product line and generally reinvent themselves. Either the government can mandate all of these changes through law in exchange for bailing out GM or they can let the courts and bankruptcy process take its course. The latter, I believe, is a better option.