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Politics : The Obama - Clinton Disaster
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To: DuckTapeSunroof who wrote (65523)2/6/2012 7:20:26 PM
From: TimF  Read Replies (1) of 103300
 
the 'intervention' was a perfectly legal application of long-standing federal bankruptcy reorganization rules,

Questionable. Also irrelevant. Perfectly legal, doesn't equal or even suggest that it was reasonable or beneficial.

And (perhaps against long odds), succeeded my most objective criteria.

Jobs saved (and created).

Tax base saved.

There is no way to know either of those things.

And it failed in that 1 - The government will lose money from the deal, and 2 - The economy becomes more controlled by politics, 3 - (to an extent) socialization of losses with privatization of gains (the former being the problem, nothing wrong with private gains), 4 - Weakening the process of creative destruction that makes the market work.

Either GM would have survived with just the bankruptcy, in which case the intervention/bail out wasn't needed, or it wouldn't in which case it was probably counter-productive.
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