Draw the line now with industry bailouts

As harsh as it may sound, the federal government cannot be expected to become the life preserver for an automobile industry that has mismanaged itself for decades. Nor can the government afford to bail out the other industries that surely will fall in line after the carmakers get theirs.

Yes, there will be pain if any or all of the Big Three domestic automakers go into bankruptcy. The pain will be felt most acutely in Michigan, but also in Illinois, Missouri, Wisconsin and much of the rest of the Midwest. There is also the possibility that not only could millions of jobs be lost but that the quasi-government Pension Benefit Guarantee Corp. would have to pick up the GM pension and its nearly 1 million participants.