Pending Train Wreck Alert

TW: Feb 16 is the day (i.e. the date the can was kicked down the road last month) the automakers are meant to come back with justification for their continued existence/subsidization by the federal government. Sales released today for January showed declines of roughly 45% on average. I assume folks will start focusing on this pending kerfuffle by next week. It will be a game of chicken between the bondholders and the government. The bondholders seeking to avoid getting wiped out and the government seeking to avoid the collapse of our domestically owned auto industry.