Here is The New York Times's excellent lead editorial on Chrysler:

When President Obama outlined his plan to restructure Chrysler under bankruptcy-court protection, we shared his view that keeping a company "afloat on an endless supply of tax dollars" was no solution to the cratering of even iconic American companies.

We also admired his supreme confidence that the Chrysler bankruptcy will be a quick, official and controlled process. We just wished we were as confident as the president.

If the process is prolonged, the costs and complexity would likely ensure that the company would never emerge from bankruptcy proceedings, with dire implications for employment and economic recovery.