There is enormous pressure for consolidation in the auto industry, ... There is way more supply than demand -- at least 40 extra plants around the world -- and that's the primary reason the returns in the business are crummy.

I think the auto industry and the economy at large are inseparable. An increase in the cost of money is going to slow down big ticket purchases, and it's inevitable that is going to hit auto sales. I think that's what we're beginning to see in May.

Even excluding the charge, European auto operations continue to be a big drag.

The auto companies have closed this excess capacity, are now making better product and simply don't have a lot of extra cars they can offer at low prices to this distribution channel. People like Henry Silverman or Wayne Huizenga will make those businesses more rationally structured.