Bush weighs "orderly" bankruptcy for automakers

Good news of sane compromise being considered by the administration in lieu of the failed bailout.

Here's Drum:

This is the "prepackaged bankruptcy" option that's been mooted a few times before. It actually sounds like a decent compromise to me: it keeps the companies from imploding in the middle of a huge recession, but at the same time it gives a bankruptcy court considerable leeway to impose serious restructuring of the kind that a political process probably can't. The end result — if it's done right — is a pair of companies that will end up smaller but still viable in the long term, and an economy that takes only a moderate hit instead of a killing blow. Call me tentatively in favor of this approach.

Donklephant goes on some more.

Megan chimes in.