Not that any of you need convincing that the Big 3 need to go bankrupt, but if you're keen on a long blog post about just how screwed up the American auto industry is and what a terrible, terrible idea a bailout is, Megan Mcardle at Atlantic Monthly has written one.

Here's an excerpt.

"Having driven the companies right up to the verge of bankruptcy, [the United Auto Workers] conceded literally only when it became clear that the union members were about to get their contracts unilaterally rewritten by a judge, lose their health benefits, and possibly get their pensions crammed down by the PBGC, which maxes out somewhere slightly north of $40K per annum. Then the unions ever so generously agreed to cut health care costs by 30% in exchange for job security guarantees. And now that their game of collective bargaining chicken has resulted in the obvious disaster, they want us to pay to save their jobs, at a cost of over $300,000 per."