Quote:
Originally Posted by Tex
That's an unusually pessimistic number. So far this year, the total unemployed has only increased by 1.2 million. You think bankruptcy declarations by the Big Three would triple that number?
Under bankruptcy protection they'd get new owners, likely restructure their debt and their contractual obligations (read: UAW). GM is not going away, don't worry. The market has reacted appropriately to these companies' mistakes and they should be made to pay for them. In the long run, that's a better option than propping them up artificially and allowing them to limp along.
I may be unduly influenced by my oath to never buy another American car, too.
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Yeah... because if GM goes under so do the auto suppliers like delphi, american axle etc... I'm not a proponent of bail outs. I am however pragmatic. 2 million unemployeed with a large share being in Michigan is something american taxpayers are going to pay for whether they like it or not.