Filing chapter 11 is the only way to save the auto industry.
I am afraid you are right...The Unions have forced this situation and if we bail out the car industry the problem is still there in 3 to 4 years...The car industry will only survive if they can get out from underneath those crazy deals cut with the UAW. If not, and Chap 11 is filed, then the chips fall where they may.....Well, if the UAW fails to renegotiate prior to same they then did a disservice to their union brothers. There will be no depression if the car industry declares chap 11...except for the UAW and the towns where the majority of those UAW workers live. The rest of America will simply purchase foreign cars until a stronger more lien American car product can be produced and placed on the market. Again, in my book, bailing out this auto mess is a joke and only a band-aide to the real problem...the UAW.