Caught a few good posts at Firedoglake during lunch which give a pretty good perspective on the GM bailout and some scenarios if it is not bailed out. The first is by Emptywheel and the second by Jane Hamsher. If you have a few minutes they are worth reading.
In a nutshell, we don't really have much choice when the economy is at its current state. Couple this with the need to move forward on green technology and the fact that if we don't protect GM the Chinese will step in an try and buy it. There is no way the economy can absorb that many additional jobless because a Chapter 11 in reality meand Chapter 7 or liquidation since there is no money in the credit system to generate the debtor in possesion loans necessary to see a company the size of GM through a full Chapter 11 scenario.
Jane and Marcy do a good job of making this all pretty clear.
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