The longer the silence continues, the more it appears that Big Auto is facing some form of bankruptcy. Leaving matters in the hands of the current administration, rather than some initiative on the part of the legislature, certainly upped the odds that you'd see a Chapter 11esque move, but the long days of bailout silence this week (and the increasingly desperate mewing on the part of GM in particular) have solidified the probability. The New York Times picks up a few more suggestive clues:
Mr. Bush, answering questions at the American Enterprise Institute, said he was concerned about "putting good money after bad."
Chrysler's decision to close for a month or more because of plunging sales was seen as ominous.
Rather than worry about what might happen if the automotive industry in the United States collapses, it may simply be time to admit that the automotive business in the United States has collapsed.
I wonder what the Black Lake Golf Club would go for in bankruptcy, or is that too much to ask for?
Bush Weighs 'Orderly' Bankruptcy for Automakers [The New York Times]