Con to the question "Should the Big Three car manufacturers be bailed out by the US government?"
"Now you may shrug your shoulders, thinking, 'We bailed out Wall Street. Why shouldn't we bail out Detroit?' And, such tit-for-tat logic will be repeated endlessly by politicians and pundits in the coming weeks.
But there are big differences between saving the U.S. banking system and saving Detroit.
The global credit meltdown was a cataclysmic event that spanned months. It threatened to bring down everything.
Detroit's decline has been a slow-motion car wreck spanning four decades. GM, Ford and Chrysler have been losing domestic market share for years to Toyota Motors, Honda Motors and BMW. Who actually admires Detroit for its car-making prowess?
So, bail out Wall Street and save the global economy. Bail out Detroit and save--well, Detroit.
But a bailout won't even accomplish that. It will only further delay Detroit's day of reckoning--and make it more expensive."
"GM = Government Motors," Wall Street Journal, Oct. 28, 2008