Good Sense on the Auto Bailout

The best summation of what should be done to bail out the auto industry is to be found in Andrew Ross Sorkin's essay in today's New York Times .  In essence, Sorkin calls for a "government sponsored bankruptcy" of a merged GM/Chrysler, which would shed dealers, brands, employees, and plants, emerging with four brands -- Cadillac, Chevrolet, Buick, and Jeep -- and a reworked product line among those brands being built by workers working for the kind of wages that Toyota or Honda pays its US assembly workers.  Tough, but honest, and holding out hope that a retooled auto industry could actually add good jobs in the years to come.  Of course, the probablity that this kind of sensible business plan could emerge from Congress is next to nil.