Congress takes first step on automaker bailout - Yahoo! News:
"U.S. automakers say they are urgently trying to overhaul their businesses to meet a global demand for fuel efficient products, like better performing gasoline engines, electric cars and more hybrids. But industry executives say they may never get there unless the bailout is approved. They add that the shock of any collapse will shake the economy. If the auto industry comes under severe pressure, GM Chief Executive Rick Wagoner said in a television interview on Sunday, 'the impact on the whole U.S. economy will be devastating.' All three companies have rejected reorganizing under bankruptcy protection."

Must be nice to just reject going bankrupt. Wish I could do that. Run a business into the ground and just expect the taxpayer to bail you out. ENOUGH! GM fucked up! This state of affairs is not out of the blue. It has been predicted for YEARS. And they invested more and more into SUVs, Hummers, Cadillacs while ignoring their workers. Fail, fail, fail. Set up transition funds for the workers and that is IT!