"This is long overdue, " says industry consultant John Casesa, managing director of Casesa Strategic Partners, and a former Wall Street analyst.

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In November Schwartz hired veteran automotive analyst John Casesa, formerly of Merrill Lynch, as senior managing director of investment banking and capital markets.

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While Lincoln and Mercury finally have new products in the pipeline, they're mostly dressed-up versions of mass-market Fords, says Merrill Lynch analyst John Casesa.

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"It would increase exponentially the challenge that GM management faces in executing its turnaround, " says John Casesa, an industry consultant and former Wall Street analyst.

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There's the doomsday scenario, says Merrill Lynch analyst John Casesa: If the price war persists, the Big Three's credit ratings could fall to junk levels, increasing their cost of borrowing.

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"It looks like GM will go into court as a global company and come out a North American company, " says John Casesa, managing partner of Casesa-Shapiro Group, an industry consultant.

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Analyst John Casesa expects a long, drawn-out battle.

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