"Dave" wrote in message
...
On Tue, 18 Nov 2008 19:43:35 -0800, "Capt. JG"
said:

That's what Chapter 11 is for. If they can't be saved, they end up in
Chapter 7, their assets are sold, and the creditors take the proceeds.


And, 5+ million are out of work, out of money, no pension, no healthcare.
Great.

Wrong again, Jon. Thanks to our guvmint, since 1974 the taxpayers are
effectively on the hook for pensions earned to date via the PBGC. As for
the
jobs, healthcare, etc. it's unfortunate that healthcare is tied to jobs,
thanks to perverse tax incentives put in place during WWII. And yes, the
folks who have been getting those high wages, and the payments for not
working might have to find other jobs. And the shareholders who also made
bad bets will be out their money. The taxpayers do not owe them a living.

The more likely scenario, however, is that bloated costs are eliminated,
and
a new buyer or buyers go forward with one or more slimmed down businesses
with fewer employees, new management and a new capital structure capable
of
earning a profit.


There will be the unemployment numbers I said. Are you disputing it? Seems
pretty easy to find out. Do a search.

This is absolutely precious: "it's unfortunate that healthcare is tied to
jobs" So, you really don't give a crap about anyone less fortunate that you?
That's pretty harsh.

--
"j" ganz @@
www.sailnow.com