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Fierce debate begins on Capitol Hill on a controversial $25 billion dollar bailout for the United States auto-industry.
General Motors, Chrysler and Ford Motor Company are asking for immediate intervention from the federal government.
The automakers claim the move is needed to prevent bankruptcy, which some speculate could cost millions of American jobs.
We’re highlighting perspectives from MSNBC’s Morning Joe, Fox News, The Wall Street Journal, Detroit Free Press and the Economist.
We begin with MSNBC’s Morning Joe, where the central question is; should American lawmakers bailout the Big Three automakers, or take the risk and allow them to, possibly, go bankrupt.

Joe Scarborough: The situation would be so much worse -- I would suggest almost catastrophic to the U.S. economy if we decided to apply economics to the car industry right now.
Pat, I almost feel like telling my Republican brethren, if you like Lehman Brothers, just wait until GM and Chrysler and Ford go under.
You'll see the center of this country gutted and could slide into a recession, what do you think?
Pat Buchanan: I agree with you, Joe. The auto company’s employ, I think directly and indirectly, some three million people.
By 4 to 1, a number of other businesses are associated with that.
That would be a disaster. More important, I think is the future of America.
We would be carving ourselves out of the greatest market in the world. (MSNBC)

Fox News took another view, asking ‘what will it take for America’s auto industry to survive without the bailout?’

If they go bankrupt, a receiver is appointed to a portion of the money they have got and rewrite union and management contracts.
Detroit has to slim down. IF you give them bailout money now it just prolongs the date they have to slim. (FOX News)

In one editorial, The Wall Street Journal also takes an anti-bailout stance, and specifically looks at the benefits of bankruptcy for General Motors.

“General Motors is a once-great company caught in a web of relationships designed for another era. The only possibility of saving it is to take the risk of cutting it free. In other words, GM should be allowed to go bankrupt.” (The Wall Street Journal)

The Detroit Free Press takes a pro-aid position and explained that the crisis cannot be completely blamed on the auto industry.

“You can say the auto companies should not be rewarded for making bad decisions...But until recently, the auto companies were building what Americans wanted to buy. When gas hit $4 a gallon...the public's appetite changed faster than the auto plants could.” (Detroit Free Press)

And finally, The Economist takes a global approach – reporting that just because car sales are down in some countries, doesn’t mean demand has totally dried up.
In a story called "Cars in Emerging Markets – A global love affair" – the weekly newspaper points out that consumers in Brazil, Russia, India and China will be buying cars.

"...although not immune from the rich countries' troubles, they are likely to suffer much less." (The Economist)

What is your position on more government aid to prevent corporate bankruptcy? How can the American auto-industry survive in the current economic crisis? Give us your thoughts and please explore our links.

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Driving to Bailout or Bankruptcy

November 17, 2008
(3:30)
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The three largest domestic automakers asked the United States government for immediate financial relief to prevent bankruptcy. General Motors, Chrysler and Ford Motor Company are seeking $25 million dollars as auto sales plummet.
   
Sources:Detroit Free PressFox NewsMSNBCThe EconomistThe Wall Street Journal
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