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Politics : Mainstream Politics and Economics
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To: koan who wrote (33407)11/6/2012 12:57:24 PM
From: TimF5 Recommendations  Read Replies (2) of 85487
 
Romney said let them go bankrupt.

Which was the correct thing to say. They needed to go through bankruptcy to survive. That's not spin, that reality. So is my point that it should have happened earlier and with less political interference. Bush can get a little bit of blame for approving the loans that delayed bankruptcy by a matter of months, but its understandable that he didn't want to try to settle the issue himself as a lame duck.

Romney did not want to do that. Romney was talking about normal bankrutpsy

Which is what should have happened. They would be stronger without the political interference that happened. The feds at most should have provided some guarantee for bridge financing, or perhaps provided it themselves. I'm not sure I'd support them even gone that far. If they went in to bankruptcy earlier there would have been no need for it, but the management of the companies, along with the unions (who would be part of any bankruptcy deal with or without heavy federal government involvement), held they companies hostage for a bailout rather then just putting them through an earlier normal bankruptcy. That shouldn't be rewarded, and sets a bad precedent for the future.

But Romney is less libertarian than I am. He didn't say the feds shouldn't have done anything, he just didn't want the heavy handed political favoritism of the bailout.
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