Why We Should Pay Attention to the Chrysler Bankruptcy

This makes for interesting, if worrisome reading.


The Chrysler 'bankruptcy' has turned into a giant 'taking' by the Federal government.

First it was the bondholders, who were promised they were first in line to be paid. They were tossed out into the cold, the UAW was handed a majority stake, and Fiat was handed(without investing a penny of cash) managerial control.

Now it's the dealers, joining them on the street. Many of them are profitable firms, doing good business for decades, even in this downturn. Their businesses are being taken away from them, without compensation, and handed to the 'preferred' dealers in the region.

This is in clear defiance of both federal and state law.

Next up, General Motors, then?

The bigger, and more sobering questions are:

Do only the politically favored survive?

Is this the sort of America we have worked for?

Is this the legacy we wish to hand our children?

Does this make you want to run out and buy your next car at a Chrysler dealership?