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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (437841)	12/3/2008 5:51:25 PM
From: Peter Dierks	Read Replies (1) of 1573407

Yes, they are definitely empowered by the law and I agree, that isn't about to change. OTOH, a bankruptcy judge is one of the most powerful people on earth and can certainly act to bring some reasonableness to the process. That's why I believe bankruptcy is the correct way for the Big 3 to handle this situation. It would serve to allow a judge to look at the contracts -- and he'll instantly see that the companies are not viable without rolling back the unions -- and he'll do just that to make the companies viable, IMO. It is probably also the reason Pelosi is saying, "Bankruptcy isn't an option" -- she knows what the impact on the unions would be. It would be the best solution. Many if not most of the businesses destroyed by the ill advised steel tariff from the first term of President Bush 43 were sold in bankruptcy to Chinese manufacturers. They bought cheap and put the plants and equipment to use in China. Getting back into those businesses will be next to impossible. Is that the goal for the Big 3?

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