What is the short term risk that Ford, Citigroup and GM will default on their bonds?

BoxCar answered one year ago …

Well, the onlly way GM or Ford can rid themselves of obligations to retirees is to
file for bankruptcy, and that's the only way they're going to compete in a global
car market where no one else is saddled with such obligations. Wish I was wrong,
but the Global Economy means we have to compete with Slave Wages. How do I
know this? Lincoln's advisors told him it'd take a billion slaves to do the Great Plains
at the same time China was in a Civil War over land reform. Well, slavery won out in
China, so today we have a billion slaves in China to compete against- that's history