...you can't imagine how bad it'll be, paticularly in the upper Midwest, if we let the auto companies go bust. In Michigan about 20% of the working age people are on some form of government assistance now--unemployment, food stamps, etc. If the car companies go bust you can't imagine what's going to happen in many towns in Michigan, Ohio and Indiana.

Some economist who testified before the Senate Banking Committee today described the economic effect of permitting the car companies to fail will be "cataclysmic". I agree with him. Even though a bailout of the car companies is offensive in so many ways, the alternative will be worse.

Captain, I'm sorry I can't answer either of your questions with confidence. I'm surprised to hear that banks asked for more equity back in the 80's. I've never heard of that. I'd be surprised if language permitting lenders to do that was in any of the "modern" mortgage loan documents. I don't have a clue in the tax question.