http://news.yahoo.com/s/ap/20081214/ap_on_go_pr_wh/meltdown_autos "White House: No immediate deal on auto loans" Which sends us right back to my post..... http://www.elitetrader.com/vb/showthread.php?s=&threadid=147763 This is crazy. They're better off with Ch. 11 right now....
The problem is without a government backstop, Chapter 11 will turn immediately into Chapter 7. Which is an entirely different kettle of fish. High speed game of political chicken going on here...