Chrysler and GM Filing For Chapter 11?

Both Chrysler and General Motors are on the verge of possibly filing for Chapter 11.

A bankruptcy judge said that he will make a ruling by Monday, June 1st, if Chrysler can go forward with its plan to sell most of the company to a group headed by Italy's Fiat And even if approved, more than likely three Indiana state pension and construction fund attorneys will appeal the decision and delay the sale.

General Motors has yet to confirm it will seek bankruptcy protection but has a news conference scheduled for Monday in New York. GM has made more dramatic changes in just a few days than it has in decades with the government's backing and nearly $20 billion in U.S. loans.

I ask why does it take such a dramatic economic situation to do something that should have been done or been in the process of being done for so many years. How many people have to lose their jobs? How many companies or parts of companies have to be shut down? How does the government just idly sit by and let these things happen to its people? Is it partly our fault for not asking to be better informed? And even if we did try to find out what was going on with these large corporations would we even get an honest and truthful answer?

There are a lot of questions needed to be answered so that this does not happen again. It is said that history repeats itself. We had the depression and now we have this crisis. Other countries have had their economic crises also. When do we learn how to keep this from happening again, or do we?

I would love to hear any answers or comments you have.