Jomo, how can you possibly put all of the blame on the "fat-cats"? Obviously they have mismanaged these corporations, but just as large a part of their failure can be attributed to the archaic, antiquated, selfish unions that have not given an inch, even in the interest of their long term benefit. Their short-sightedness and inability to comprimise shows a complete lack of understanding of the basic tenets of business and corporate well-being. The blame is equal - the only difference is, even in times of crisis (like right now), the unions still refuse to budge. Pure stupidity.

As staunch union member myself I object strongly to your comments. It is thanks to unions that since the Industrial Revolution workers have fought and won for their rights to the right pay, conditions and hours. While I understand your point that in times of crisis different rules apply, I would urge you to consider the consequences for the workers at these companies if the unions do not stand their ground.

In one of the most visible industries in the most visible country in the world. I can assure you that GM, Chrysler, and Ford would not become sweat shops. What would probably happen? They would run efficiently, both in terms of cost and and production - much like the auto industry in the rest of the world. True, after the late 18th and early 19th century, the unions did fight for the right of those being exploited. Too bad it's 2009.

I still say let them sink - you cant bail out everyone who starts pleading poverty.First it was the banks, then the auto industry; where will it all end?

My concern is that it is a little late for back to basics. I worry that any real action in trying to repeal current practices would only harm the innocent workers just as much as they being forced to suffer now.

Innocent workers? I'm not convinced there isn't an element of blame here. Surely we're all complicit in the success or failure of the companies we work for? Those union employees on inflated pay (way above market rate, as evidenced by the lower wages on offer at more competitive firms such as Toyota and Honda) were happy to take the money when times were good; now things have gone pear-shaped, they also have to acknowledge their own role in the way things have unraveled.

It's the same in the financial sector. It's all well and good blaming the banks for getting us into the subprime mess, but they weren't the only ones to gain from the days of easy credit. Everyone benefited from the boom, and few stopped to question where all this money was coming from or what it would lead to.

Who's more at fault: those who lead into trouble, or those who blindly follow? My point is that finger-pointing is facile, it's solutions we need now. And strings-attached bridging loans could provide the right environment for change.