Paul Ingrassia has a fabulous op-ed piece in the Wall Street Journal today about the auto industry. The title of the article is: The Auto Makers are Already Bankrupt. Ingrassia dispels a number of myths about the situation regarding the Big Three:
Myth 1: Bankruptcy is not an option.
Myth 2: Management changes would be pointless.
Myth 3: Bankruptcy means death.
Myth 4: Banning executive bonuses or requiring more fuel-efficient cars will save Detroit.
Myth 5: A GM-Chrysler merger will help save both firms.
This is definitely worth a read. Ingrassia has covered the auto industry for years, and he brings all that expertise to bear with a concise and insightful argument regarding a potential bailout.