Wow, could this actually happen?

Bankruptcy may be even closer for General Motors and Chrysler, now that the Obama administration’s auto task force has determined that both may have trouble surviving as viable standalone companies.

The task force spent a month analyzing the two automakers, concluding that “both (GM and Chrysler) have unsustainable liabilities and both need a fresh start. Their best chance at success may well require utilizing the bankruptcy code in a quick and surgical way,” the White House said in its statement outlining the plan.

Next thing you know we will have to let banks slip away, too…

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