Let the Big Three fend for themselves

I've watched my 401K evaporate over the last couple of months, and the problems of the economy will irrevocably change the remaining years of my life. Nonetheless, I am convinced that we need to let the unsavory part of capitalism play out, just as we do during the boom times, and not bail out GM, Ford or Chrysler. It's part of the price we pay for embracing our economic philosophy. In the long run, we'll be better without the Big Three if they can't be competitive in a world marketplace, even if the short term pain is great. Remember Pan Am and Eastern Airlines? They were the giants of their industry as well, but the airline industry became stronger and more competitive without them.

It is the excesses and poor management decisions that have been made for the last two decades that have led the Big Three to this precipice. Simply giving them money will elongate the pain, not solve the problem, and it won't suddenly instill a vision of how to restructure their companies to be profitable.

While the issue of flying to a Congressional hearing in a private jet to claim you're broke is largely symbolic, it shows poor judgment at the very least, and at worst demonstrates that GM, Ford and Chrysler honestly don't get the message that they're out of step with the times and the current global economy, and in particular, their competition. No doubt the type of changes that would have to be put in place for them to be competitive in the global automotive market are draconian, and would clearly have a dire financial effect on their current employees and pensioners, and hence the economy as well. So would going out of business, which is what they're threatening will happen. The Big Three need to take these very painful steps to once again become competitive. Let them show their sincerity and intent by biting the bullet and restructuring their companies regardless of the horrible pain it would inflict. Then, and only then, should Congress even consider any financial assistance.