They've seen this crisis coming for years now. Why didn't they wise up and change their ways earlier? Why did they just keep building bigger and bigger gas-guzzling SUVs that sold for higher and higher prices? Now the market, the streets, and the parking lots are all flooded with them and it will be years before we work through this inventory with more fuel-efficient cars or public works for more public transportation.
Were these Detroit-dudes really just cigar smoking fat cats, arrogant in their old ways, and truly oblivious (or uncaring) as to what was coming?
Now their lack of foresight has caught up with them and so versus biting the bullet and accepting bankruptcy (which is what happens in a free market economy when you stop producing what the public wants or needs), they come crying to tax payers for a bail out, as if they had no idea this would ever happen to them for not keeping up with the times.
What is the insider's knowledge of the Big 3 that would be more telling and insightful as to how this monstrous fiasco ever happened? If tax payers bail them out, we and our children and their children may be paying for it..for decades.