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Politics : The Obama - Clinton Disaster
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To: GROUND ZERO™ who wrote (1002)11/12/2008 10:03:24 AM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
"Good point, it makes sense..."

Thanks.

America has a pretty good set of bankruptcy laws (compared to the rest of the world), and we should get about using them... instead of letting the corpse slowly twist in the wind.

The government can intervene and seriously speed things up, (based on national security, as you note), to 'pre-package' a bankruptcy deal, shitcan the management, put gvt. auditors temporarily in charge, and then extinguish the equity and force-convert the debt and have a bright and shiny new GM out of bankruptcy by summer.

Probably the main reason that they haven't done this yet is that the Bush folks are still praying that they can run the clock out so the inevitable collapse does not go down in the history books as having happened on their watch. :-)

(Oh, one more thing: if ONE of the Big Three goes bankrupt... they ALL will.)
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