Or maybe the better question is, does it derserve to survive at all?

When I got word last week that GM was in talks with Chrysler (and the US government) to buy Chrysler, I was saddened. To me, this country was built on the strength and individuality of its car brands. Growing up, the Big Three automakers, GM, Ford and Chrysler, were the envy of the world. Most of my family lived in Toledo; we were AMC people—so perhaps we were the first to get a taste of what was to come.

For a lot of folks, including me, the GM/Chrysler merger is essential. It will keep both companies operating at a time when the experts say that one—or both—will have to declare bankruptcy. For either GM or Chrysler to go bankrupt would put thousands of workers out of a job, and it would also affect the companies who supply them. Dealerships, banks that do auto loans, suppliers of suppliers, and entire communities that revolve around auto plants would get hammered.

The GM/Chrysler merger is not ideal—Chrysler would pretty much cease to exist as we know it—but the alternative is far worse. The US Treasury department, in my mind, must provide the support for this merger in the form of loan guarantees. It must also provide the same help to Ford when it’s time. There’s just no alternative. Nevertheless, we got word from Washington on Friday that the Treasury Department will not bankroll the $10 billion GM and Chrysler are asking for.

Keep in mind that $700 billion was approved for Wall Street—an industry that makes, well, uh nothing. That’s actually untrue. Wall Street does make “wealth” for a privileged few. GM and Chrysler build cars and employ (including suppliers) an estimated 200,000 people, but they can’t get a relatively insignificant $10 billion in loan guarantees. That’s a big double standard in my book, and it’s something our next President will need to be aware of.

The bottom line is if Washington gives $10 billion to GM, then all the other companies will get in line for a hand-out. And why shouldn’t they? Love it or hate it, Wall Street got the cash, and established the precedent. Notwithstanding, you’ve got to abide the concept of capitalism that says, if you build a better mousetrap, people will come. You don’t see Honda, Nissan, and Toyota coming to Washington with hat in hand, begging for a bailout. That’s because they laid the foundation for their success and their survival decades ago. Detractors of Detroit will say that bankruptcy for any of the Big Three is just desserts for a job poorly done.

What do you think?