The Brutal Truth

Some days it feels pretty good to be wrong:

Senate Majority Leader Harry Reid says the Democrats’ plan to tap the Wall Street rescue fund to save U.S. automakers doesn’t have the votes to pass. One day after Detroit’s Big Three sent survival plans to Capitol Hill in an urgent plea for $34 billion in government aid, Reid said there’s still not enough support in Congress for using some of the $700 billion bailout to help the teetering carmakers.

Keep your fingers crossed. Chapter 11 is the only way to save GM, and probably Ford. Chrysler (except for Jeep and maybe Dodge Trucks) is a goner.