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Politics : American Presidential Politics and foreign affairs

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To: TimF who wrote (44910)	8/16/2010 7:52:33 PM
From: rich evans	2 Recommendations Read Replies (1) of 71588

The auto industry is about 25% of our economy. If GM ceased to exist, it would have had a trememndous impact on everyne. The Government was the only entity that could do the DIP finaancing to save part of GM, otherwise you get liquidation like the old GM is going through and the bondholders would have gotten even less then they ended up with under the "deal". They knew that. You have to have workers/unions/pensions for GM to keep functioning. And we all needed that. Yes, you are right in principle but sometimes law and principles don't work and you have to deal outside the box. Rich

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