What’s Good for GM: No Bailout

Imagine if the parable of the Prodigal Son went something like this: After wasting his inheritance, the son returns to the father. But instead of repenting and asking the father to take him back as a slave, the son says, “Dad, I’ve made a mess of things. Could you spot me some cash so I can get out of this hole?” Well, essentially, that’s what the Big Three automakers and the United Auto Workers are doing this week on Capitol Hill.

At a Senate Banking Committee hearing, the CEOs renewed their case for a “$25 billion lifeline.” GM chief Rick Wagoner told senators that the industry “needs a bridge to span the financial chasm that has opened up before us.” [Keep reading this article here.]