Bridge Loan - But to Where?
OK: the Detroit Bailout failed in the Senate. President Bush has stepped up to the plate and is working on $$$ taken from TARP. OK, granted. However: this amount of $$$ is only enough to tide Detroit for a month or two, based on the $B that Detroit is burning through PER MONTH. OK: the new president will re-issue more $$$ a couple of times. Problem: car sales have not recovered, and will not for at least another year. Now what?
IMHO, chapter 11 and a bankruptcy judge who will give the UAW a severe haircut is inevitable. Is kick-the-can-down-the-road the best idea? Why not force GM and Chrysler and Ford to go immediately to Chapter 11, DO NOT PASS GO, DO NOT COLLECT $200?