$50 Billion Down The Drain So Far, But Will GM and Chrysler Survive?

A federal judge’s ruling late Sunday that GM may proceed with a sale of its good assets to a new company, while leaving behind billions of dollars in debts, unneeded plants and other costs, caps a swift, dramatic push by President Barack Obama to take both GM and Chrysler in and out of Chapter 11 bankruptcy in less than three months.

Uncle Sam has rushed to the aid of GM and Chrysler, two very leaky boats, and kept them from sinking.

So far.

Quick repair jobs have been done to patch leaks, shed weight and make some changes to the crews, at a cost fast approaching $50 billion.

But are these vessels really seaworthy?