I keep reading about people and companies filing for bankruptcy these days. Particularly GM and Chrysler. What exactly happens when someone files for bankruptcy? People say that it’s something you want to avoid if at all possible, but I’ve also heard Bush say that it’s a good thing for the auto companies to do in order to reorganize their companies. Now I’m no Bush fan but there’s got to be SOME substance to what he said (maybe?) as his economic advisers are saying this is a good idea. Why does Bush say this is a good idea while many other leaders say it’s a bad idea?

I’ve also read comments from "regular" people who say that the Big Three should be left to go bankrupt and clean up their own mess. But that this would cause tons of people to lose their jobs.

I’ve looked up the dictionary definition of bankruptcy as well as the wiki page and I’m still confused. I need someone to give me a very simple explanation about what bankruptcy is and what is going on right now in the US. Please help me understand this!

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This may just be ignorance however I do not understand it. I just read a question by a top contributor of these questions complaining that he doesn’t understand why the government won’t provide funds for auto companies in order to bail them out of their possible bankruptcy. The thought of providing these businesses with tax dollars from the American public is insane. In my opinion the auto companies have no one to blame but their own greed and the way they decided to go with their business, the government would not bail out a business that the average American built and used every dime of their personal money to invest into the business, while CEO’s of the auto companies STILL are taking in millions of dollars a year and expecting the government (moreover the American people) to basically paying their salaries, when it was the direction they took in their company to blame for the problem they are in now. With exponential growth especially in business comes exponential decline and they should have taken precautions to prevent this from happening. Aside from their bad business decisions these are the same businesses that closed down factories in the United States, which were employing thousands of American workers, to move to China were labor was cheaper. This brought upon record unemployment rates in Detroit. Who in turn need government assistance to be able to provide for their families because they were screwed over by their employer. I understand that their are people who are a drain on society and are wrongfully collecting welfare but aside from those individuals Welfare helps out people WHO HAVE NOTHING and are asking for the governments help to keep a roof over their head. Another point that needs to be addressed in Auto Makers is the money that they received from big oil to not research alternative fuels, even though the impending Global Warming was a huge issue. Which means in a sense they may have screwed over the Human Race by destroying our planet. I don’t know I may just be venting but isn’t it the ethical for these CEO’s to take a money cut for the benefit of their company instead of asking for the governments help, providing that they never seemed to really truly care of the American public?

Roads???? read this if you think that our tax dollars even go to roads first off……

http://www.americanchronicle.com/articles/11028

Second off the whole idea is the current CEO’s of the business still raking in millions from their business, which is failing and asking for government help what happened to darwin and survival of the fittest, does it not pertain to business?

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