Oh Crap...

http://www.nytimes.com/aponline/2008/12/11/washington/AP-Congress-Autos.html?hp

Not sure how this is going to affect the world but certainly a lot of people in America will be hurting from this. The Wall Street Journal is reporting that GM has a slew of bankruptcy experts to plan their coming Chapter 11 filing. (sorry it’s subscriber content)

The worst thing about all of this is that the people who will be affect the most are the least responsible. The workers who make these cars and trucks are going to be screwed (though the UAW apparently slammed the door on the bailout first). American workers are the most productive in the world. These men and women are talented. This is proven, not by the quality of the GM vehicles or the Ford vehicles but by the Toyota vehicles.

The 36,000 employees of Toyota in America produce some of the most reliable cars on the road. Consumers vote with their pocket books. GM and Ford products don’t match Toyota’s. Don’t punish the factory workers for it. They didn’t design the cars and trucks. Blame the management and C-Levels.

http://online.wsj.com/article/SB122688631448632421.html?mod=article-outset-box