Changes

===Bankruptcy scenario===

===Bankruptcy scenario===

Chrysler entered bankruptcy in April 2009, after losing $16.8 billion in 2008, and is expected to lose another $4.7 billion in 2009.  It hopes to emerge quickly, with the old owners wiped out. The new owners will be Fiat of Italy, the UAW and the U.S. government.

Chrysler entered bankruptcy in April 2009, after losing $16.8 billion in 2008, and is expected to lose another $4.7 billion in 2009.  It hopes to emerge quickly, with the old owners wiped out. The new owners will be Fiat of Italy, the UAW and the U.S. government.  GM has until June 2009 to work out deals to escape bankruptcy.  Ford appears to be solvent.

Bankruptcy of the Big Three would be very expensive to the economy as a whole and the federal government. It would mean loss of 240,000 very high paying jobs at the Big Three, a loss of 980,000 high-paying jobs at the suppliers and local dealers, and 1.7 million jobs throughout the economy.  It would cause a decline in personal income of $151 billion the first year, and $398 billion over three years.  The federal, state and local governments would lose tax revenue and spend on welfare programs a total of $156 billion over three years.<ref> CAR Research Memorandum. "The Impact of the U.S. Economy of a Major Contraction of the Detroit Three Automakers" (Nov 2008) [http://www.cargroup.org/documents/FINALDetroitThreeContractionImpact_3__000.pdf online edition]</ref>

Bankruptcy of the Big Three would be very expensive to the economy as a whole and the federal government. It would mean loss of 240,000 very high paying jobs at the Big Three, a loss of 980,000 high-paying jobs at the suppliers and local dealers, and 1.7 million jobs throughout the economy.  It would cause a decline in personal income of $151 billion the first year, and $398 billion over three years.  The federal, state and local governments would lose tax revenue and spend on welfare programs a total of $156 billion over three years.<ref> CAR Research Memorandum. "The Impact of the U.S. Economy of a Major Contraction of the Detroit Three Automakers" (Nov 2008) [http://www.cargroup.org/documents/FINALDetroitThreeContractionImpact_3__000.pdf online edition]</ref>