GM is part to blame themselves for bad structure (too many damn brands), and ****ty cars. On the other end, you have the god awful UAW who are holding out until the last minute hoping they won't have to cut back anything and someone will step up in the white house. I applaud congress for standing up to the UAW. I just hope the big wigs in the white house don't give in. I think there are four possible outcomes to this situation.
1. The white house at the last second throws money to the automakers with no cut back on the UAW's part. This would save jobs, but would make the situation no better and delay the inevitable.
2. The UAW gives in in the 11th hour and a new bill is passed first of the new year. GM and Chrysler barely survive but get the money. Nobody knows what the future will bring at this point.
3. GM and Chrysler are forced to file Chapter 11. The only creditor that will loan them money is the government, but at least the UAW contracts will be gone and hopefully would be the end to the union stranglehold. Both companies restructure.
4. The government won't back credit for chapter 11, GM and Chrysler are forced to file for Chapter 7 and liquidate everything and vanish. Highly unlikely that they would come back at this point. If Ford survives the fallout, they would become the premier US automaker.
A buddy of mine used to work in tangent with the UAW (wasn't in the UAW) when he worked for a photographer and did some work in a GM plant. He got a union grievance working for the photographer when he moved a GM car about 4 feet forward to get a better shot. The union guys got pissed because that was their job. When he was in the GM plant, he went into an electrical panel in the waste area because he had a job to do and the union guys were too ***** and didn't want to be in there. Well, he got written up because only union workers were supposed to be in the panels. Ask any guy with first hand experience with the UAW. They are completely unneccesary and complete ********.