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I believe that there's a difference between saying that bankruptcy is "not an option" versus "we won't go into bankruptcy." Perhaps Wagoner was thinking about Detroit and the multitudes of families working for GM when he said that bankruptcy was "not an option" because of the effect it would have on the employees and on Michigan. Saying that it isn't an option versus likely are completely different things.

bankruptcy ........just a way to break the union period,

At the risk of being hunted down, I believe if the Union was not part of the equasion GM would probably NOT be going into to bankruptcy. Isnt it better to take a paycut then to lose your job?

Obama doesnt want GM to go bankrupt! that would hurt the union vote he needs to sweep a reelection.

I had a chance to take a pay cut or go on strike with an airline, we chose to go on strike. The airline hired scabs to replace us, filed bankruptcy and then closed the doors when all the assets had been stolen by management.
Today I am much better not working in the airline industry.

The job loss forced me to leave a well paying union job and seek other employment. I struggled for a couple of years but in the long run was much better off.

And the idiots sitting in Washington and the other idiots saying GM needs to be saved, give them billions in taxpayer money.

Money that would have been better burned in a giant bonfire in front of the capital.

That is actually a preety good idea. Lets take $14 trillion worth of Monopoly money and dump it in front of the Capital and set it on fire.

On second thought it might be impossible to actually make $14 trillion worth of Monopoly money and dump it in front of the Capital. That much money would probably make a pile as big as Washington DC. It woudl probably also cost a trillion just to print it.

I guess just making up a figure in a room in washington and saying the money went out is good enough. If it weren't so maddingly infuriating it might just be funny.

Danny,Union members did not cause GM to contiually lose market shares, bad product mix did.If GM had not gone from over 60 percent of US market shares to 28 percent it would not have any problems meeting its credit payments. If your market share drops 50 percent the fixed cost per car doubles. Gm engineered poor quality cars during the 1970s and 1980s and realized to late that consumers were not going to pay for an inferrior product.Its easy to blame the workers and unions but every day non union businesses close up and move overseas so who do you blame then?

Most CEO's of major companies have been liars and have been unethical. The great American business machine has faded into oblivion.

The GM situation represents the greatest game of "bluff poker" ever,to see who would blink first.GM could not be the first to promote chapter11 since the union members would go to war. The head of the union would never vote for chapter 11,the members would go to war. In steps the government,an organization that specializes in spinning gold onto straw,upon determining that it would require 10 billion a month forever to satisfy the union,they now propose chapt.11.GM does not have a viable product or business plan,it should file and start all over.

The Democrats who are in charge now better not let GM go into bankruptcy no way no how. 2010 is coming and there are a ton of GM people current and retiree's that will pay the Democrats back in SPADES. Congress and Obama better think again. Pouring money down a bottomless pit on wall street will never help or keep them in office.