Bankruptcy is the right path for Detroit car companies. ++ Under “Chapter 11” proceedings they will be able to continue and restructure production. ++ This will not undermine trust in American cars -the company executives of GM and Chrysler have already done that. ++ Pension funds will suffer, but it is better to help them directly. ++ “US workers, working for Japanese carmakers, have shown their
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General Motors is on the brink of bankruptcy with Ford and Chrysler not far behind. ++ The government must bail out the auto industry as hundreds of thousands of jobs are at stake. ++ A gas tax is the answer. ++ Gas prices should be set to $3.50 per gallon with a variable tax adjusted according to the real gas price. ++ This tax could revenue $17 billion in one month, $140 billion in one year,
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