Quote:
Originally Posted by jyl
But I think they are trying to avert immediate disaster.
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Until after the election...
How many companies (insurance and otherwise) have been leveraging themselves uneconomically with the cheap credit fostered by the Fed and by inflows of capital from emerging markets who trusted their savings to our banking system? GM management has just about squandered the capital amassed by that industrial giant over the past 100 years. Who is going to bail
them out when they need to borrow to keep the production lines moving? We're talking about massive unemployment if the credit markets have collapsed due to bad loans and a huge implosion of consumer spending and tax revenue. Potentially a nuclear winter.
For the NEXT administration...