Come on, Mike. The difference between banks and the financial industry on one hand, and the auto industry on the other, is profound.

If we just let the banking industry unravel, tons of other businesses, and people wouldn't be able to borrow money to run their affairs.

The auto industry's unravelling (under bankruptcy laws) would allow for restructuring that, while many people would be hurt, would not have nearly the impact on the economy that such strategy would have had on the money markets.

After all, people would still be able to buy cars.

Besides, the automobile consumer has been subsidizing 'auto industry layoffs' -- through 'job banks' (where laid-off workers still get paid, even though they no longer work for the companies that used to employ them).

For the last two or three years, 'job banks' have cost the auto industry $1 billion per year....

That hardly makes US auto manufacturers competitive. In fact, the average US auto worker was paid about $78 per hour in salary and benefits this year -- and that's down from about $81 per hour in 2006...

They desperately need to re-organize...