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Politics : Welcome to Slider's Dugout
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From: bearjones11/20/2008 8:08:31 AM
3 Recommendations  Read Replies (2) of 50476
 
From the sound of many posts, I don't think that many understand the concept of, for example, GM filing for bankruptcy. We are not talking about a liquidation bankruptcy under Chapter 7 of the Bankruptcy Code. That is a completely different matter and I see little reason why that needs to ever happen. We are talking about reorganization under Chapter 11 of the Bankruptcy Code. This type of filing protects the company (GM) from its creditors, and then a financial plan is submitted to the Bankruptcy Trustee regarding the steps it is taking to make their company healthy again, and come out of bankruptcy. This is quite complex and involves many facets of business.

The heads of the big three auto makers are being sent back home with their empty hats in their hands. This is not a bailout situation at all. That will not ever work. It is throwing money away. I think that those who are talking bailout are really meaning a Chapter 11 bankruptcy reorganization, but just, perhaps, have the terms confused. That confusion is a dangerous one. Any type of bailout, under the standard meaning, will not work and is laughable to think it will. Even the politician get it (hopefully). They are not posturing to make the auto makers squirm. There is not basis to think that. The politicians are not posturing to make people sweat. This is a business matter where various parts need to be broken down and rebuilt into a viable plan. Listening to Barney Frank is, however, one scary thing. OMG!!
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