Of course... despite all the tough talk... the Big Three get their bailout.[*]
12/19/2008 10:01:00 a.m.
old boys club
At one point I thought the thing to do was to let them all go to the wall with no golden parachutes for the incompetent managers or subsidies for the UAW/CAW.But satisfying and fully merited as that would have been, it would likely have been an unmitigated economic disaster for Everyone. These guys are still way to big to fail catastrophically without bringing down several other card-type houses.The best analysis I have heard is that this is stage one of what will amount to a 'managed bankruptcy'. We need to keep these entities from collapse until the assets can be reworked into something sustainable.We JUST do. I don't like it any more than you, but I would really, really not like the alternative. It's not just the current employees affected. The ripple effect could be the last nail in the coffin.There is NO WAY that these entities can keep coming back for money if they intend not to completely restructure. I know that, the Governments know that, and the companies and employees know that. it's just not possible to do the necessary in the space of a few weeks.
*doug... i hear what you're saying... but one, i hate condescension... and two, i hate being played.there has to be a better way.*
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