The union talks a tough game, but I don't think they're going to let anyone walk out. Everybody is in the same lifeboat. They're not going to start to fence with each other in a rubber lifeboat.

GM may have to enter this situation and take a good chunk of Delphi back.

They're liquidating, they firing, they're retiring. This is a GM that's getting in shape much faster than it's ever before, in any past restructuring.

Clearly, the dividend cut was overdue. It's interesting that it only finally happened when (Jerome) York joined the board. The 50 percent dividend cut in the eyes of the union is a necessary action, it had to happen.

It's up to the UAW to make a counteroffer. Miller wants to see how far they're willing to go.

I think divergence is the name of the game for the first half of the year.