Quote:
Originally Posted by Mormon Red Death
I'm with you as a rule I am generally againsts bailouts. That being said it will probably be cheaper for the American Taxpayer to do the bailout then have 2+million people unemployed
|
That's an unusually pessimistic number. So far this year, the
total unemployed has only increased by 1.2 million. You think bankruptcy declarations by the Big Three would triple that number?
Under bankruptcy protection they'd get new owners, likely restructure their debt and their contractual obligations (read: UAW). GM is not going away, don't worry. The market has reacted appropriately to these companies' mistakes and they should be made to pay for them. In the long run, that's a better option than propping them up artificially and allowing them to limp along.
I may be unduly influenced by my oath to never buy another American car, too.