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Politics : Actual left/right wing discussion
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To: TimF who wrote (8659)11/25/2010 12:31:44 AM
From: koan  Read Replies (1) of 10087
 
It would have been nuts to let GM fail. We were in a historical depression and no one knew what would happen. They didn't give 182 billion to AIG for nothing and that was bush and everyone else that did that. Paulson warning of worldwide economic disaster. No one dissented who knew the story left or right!

It would have been totally irresponsible to let it go under. The unemployment rate would have sky rocketed. That decison alone probably saved 3 million jobs and god only knows many middle class small businesses. 10's of thousands.

You talk ideology to the expense of reality. You sound like Paul Rand wanting to parse the freedom of a restaruant owner to descriminate with descrimination itself.

That is plain old poor insensitive thinking.

<<GM could have gone in to bankruptcy earlier, and probably emerged mostly intact without all of the bailouts.

It could have gone in to bankruptcy when it did and emerged from it without all the political interference in the process, favoring unions over holders of senior notes, despite the fact that those bondholders where senior to the unions as creditors. In fact the interference here may increase GMs future operating costs (since the unions took less of a hit), and future borrowing costs (since lenders know that if push comes to shove the government might throw them under the bus in favor of the unions).
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