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Personally, I hope one or more of the big three do go under. You're right that it would be a hell of a blow to our economy, but maybe that's what is needed to bring the majority of Americans back to their senses. While the great depression of the 30's was a tough time, it gave us the "greatest" generation of Americans in its wake.
American's in general take their standard of living as an entitlement and most are willing to sacrifice nothing to ensure it remains where it is. "I" has become stronger than "we", and we are paying for our selfishness on many, many front, not just economically.
Why doesn't GM ask a bank for the loan they need to stay afloat instead of the government? Probably because no banker in their right mind would look at GM (or Ford for that matter) and consider them a good risk.
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