This is good in concept, but how much does this really help? The first people to get the axe when times get rough are the ones hired at the lower wages. In effect, the agreement does nothing to help the company today.

The largest costs are not the wages, but the benefits...full healthcare (so I've heard), generous pensions, are far more damaging to the companies cost structure than straight wages because they are variable in terms of what's needed to fund the obligations, and the need to increase funding is in an opposite cycle to the success of the car companies.

The real sacrifices that need to be made are the sacred cows.

I don't let the execs off here either. They are failing to deal with the true risks to the company, and paying themselves a boatload of money for the privledge. Nice deal if you can have it I guess.

At any rate, I am not a fan of bailing out the big 3. There is way too much value in what the companies have for all the jobs to vanish, but as a taxpayer, I see no need to make an investment in a comapany that I don't see as having a viable business model. If I thought they did have a solid buisness model, I would already be invested in their future.