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On Fast Money (CNBC) today, Karen Finerman suggested that the Big 3 Automakers compete for bailout money. Each company puts together a proposal on what they are going to do to turn things around, how much money it will take, how long it will take, etc. They submit the plans to Congress who will evaluate the proposals.
Might be a nice idea to have a 5 person committee of outside experts do the review and make recommendation to Congress. Since there is not enough money to save all 3 companies as they exist today, one or more companies can be told NO. Or maybe parts of the proposal would be approved and other parts rejected.
This sounds like the most Capitalistic approach I have heard. If the companies and the unions can’t get their act together, it’s nobody’s fault but their own.
So let’s see what you’ve got.