Re the auto sector there are two opposing views - one that a bailout (loans) is absolutely necessary ( don't dare let them go bankrupt) and the other is - bankrupcy may be the healthiest path to a proper restructuring of the industy. No doubt bankrupcy would be horrendously painful for millions, other businesses and the economy but there is some experience and precedent for the theory.

A pessimistic view of a bailout (loans) of $25 billion (which is only good for them for about 4 months cash flow) for the big 3 is that Congress will only consider it (and even then still has to get a vote through) if the big 3 come back in December with a plan for restructuring and viability for their operations. That would involve correcting decades of bad management and disconnect with the market and convincing Congress that they (the existing management) can change their stripes and compete successfully with Toyota, Nissan, Honda et al.

Also they are saddled with labour contracts and health care premiums that make their cost of production significantly higher than the competitors. I assume there will be some pressure to renegotiate those. But that is another story and possibly a fight.

Don't get me wrong, I hope they can pull it off and avoid bankrupcy and save us all much pain and devastation but I recognize it as a huge uphill odds-against struggle.

Sometimes certain industries nomatter how big they are have to go under to resurface.

Having said all that, (sorry for the run-on) I am glad my portfolio is in NG and especially heavy in QEC.

Good luck to all of us over the next while.

JQ - I for one like your $10.75 projection.