Chrysler Corporation is now officially finished. The decades of sloth, complacency, mismanagement, and government bailouts have finally collapsed upon their heads like a house of cards. Hooray!
I wish this was the end of it. But this bankruptcy is not a liquidation as it should be, but a "reorganization" in favor of, as anticipated, the fatted interests. By the way, do not believe the government shuck and jive about this being a "surgical" bankruptcy that will take a month or two. These type of things never last that mercifully brief.
In any case, whether Chrysler survives or not for the short term (in the long term, it's finished no matter what), the game is up for them. As a functional, living part of a free economy, they are finished. They will no longer resemble anything appearing a private company - now the looters are running the show. Decisions will now be made by political functionaries for political reasons alone - no concessions to supply and demand here. The company now exists insofar as precious drops of wealth can be extracted and squeezed from its carcass for the benefit of the clinging parasites that leech from the dying corpse.
The ownership breakdown will be 30% private (Fiat), 10% State (USA and Canadian governments), and 50% band of looters backed by State guns (United Auto Workers) - a match made in heaven by parasites for parasites.
The manufacturing and sale of automobiles is now officially merely a sideline to supporting the suction of wealth down these parasites' reptilian throats. If auto sales cannot support this (which they will not), Joe Taxpayer will be called to cover any deficits between revenues and the parasites' required "standard of living."
We used to call this welfare. The Soviets made this sort of arrangement the basis of their economy and society. Now it's termed "restoring prosperity." In either case, it can only end in mass death and chaos.
It is Amerika's last gasp. These are the end of days. And as predicted, BO is the agent which has pushed a once proud civilization over the precipice.
History will not look upon this dark age kindly.