Government auto bailout

First post; government bailouts.

The big 3, now referred to as the "Detroit 3", are going back before Congress requesting financial help to stay solvent. Some people are proposing letting all three of the major auto manufacturing companies file for bankruptcy and then restructure. I believe this would be a mistake and the loss of thousands of jobs would be catastrophic to the economy. While I agree that the auto industry needs to make major changes to stay competitive, I don't want to see it done by cutting the wages and benefits of the hourly workers.
I know the hourly workers will have to grant some concessions, but they have given up much more than most people realize over the past few years, and the UAW is willing to do more to help save the auto industry. And no, I am not a member of the UAW or the auto industry.
The simple fact is that like most major corporations, the compensation for the top level executives is out of control and needs to be reined in. The argument that they need to pay these top level executives that much to keep them doesn't work when your company is failing, besides if these people can't manage on two or three million a year, maybe they aren't the right people to be running your company.
Trimming a CEO's total compensation from 12 plus million down to 2 or 3 million would save a lot of hourly jobs, and if the top guy is making that kind of money the tier right below him are probably making a million plus too. I would like to know how much some of these companies spend on total management compensation compared to the compensation costs for hourly workers, and there are far fewer people at the top than the people on the line actually making the product. The compensation for management should be much lower, but I bet it's closer than you think.
Car manufacturing and sales fuel our economy, and the sales tax generated from an automobile purchase far outweighs almost any other consumer purchase. Also the income tax lost from thousands of hourly workers getting laid off would be impossible to make up. Do you think the bankers and speculators on Wall Street will step up to pay more taxes? I don't think so, besides they already received their bailout and many companies planned on using the money for executive bonuses and other perks.
I know that many of my points may be an over-simplification, but the compensation disparity between management and the hourly workforce should be addressed before the bailout loan is approved.

Drumcoach