Regardless, our entire economy, whether we're talking about individuals with their credit cards and mortgages or businesses both small and huge with credit lines and loans, is fueled by the free flow of credit that largely is supported by those handful of banks. The failure of those banks wouldn't simply resulted in tons of layoffs to their own and peripheral suppliers (which is the main reasoning advanced by many of the supporters of an auto industry bailout), but also a complete freezing of our credit markets for people and companies both big and small. As bad as the economy might be now, it would be completely dead in the water with no chance for recovery without access to credit.
It might not be "fair", but after a lot of initial reservations about the bank bailout, I have come around to understanding the reasoning why the banks were deemed "too big to fail" and how it really is a different situation than the current automaker bailout proposal. That's why it's a complete misnomer for people to suggest that somehow "Main Street" is separate from "Wall Street". When it comes to everyday finances, Main Street is absolutely tied to Wall Street (and that's simply not the case with respect to the automakers).
On second thought, Motor City Bowl it is!
Rex Grossman concurs.
I'll never know how someone who's pretty funny (as far as announcers go) can have such horrific taste in comedy. Despite this - Approve.