Morning Wellsmus: Bankruptcy is not a bad word

From Wiki, Chapter 11 is "rehabilitation or reorganization." Isn't this what ALL the big three automakers need?

This morning's Journal has an op-ed that lays bare bankruptcy. The auto industry has this treacherous triangle that is more like a hex, and it consists of auto dealers (who have special laws that protect them), the unions (workers get paid whether they're working or not), and the pension plans for retirees (more money goes to them than to current workers).

If you have a second, read this article by NYU Law Prof Mark Levine (not Mark Levin the ultra-conservo).



None of these things, under bankruptcy, will cease to exist. They will, however, have to change.

Congress, not the Secretary of Treasury, will vote yes or no on an auto industry bailout, and because the above makes so much sense, I believe we will hear a lot of back scratching. Michigan's votes could get very costly to the taxpayer.