@okie,
okie wrote:
Are you an equal opportunity guy, cyclops? For example, do you also favor bailing out all companies in trouble these days? After all, isn't it unconstitutional for government to treat people or businesses unfairly or with different policies? And wouldn't it be good for America if all bankruptcies were eliminated?
I don't have such a black-and-white view of the world, Okie; and we also have to ask ourselves what 'bailing out' means.
In the case of GM, when Obama 'bailed them out,' the investors and bondholders took a bath, the top executives were fired, and the whole thing was put in Chapter 11. It was then reorganized as a new company, with new leadership, and has been profitable ever since then. What's so bad about that - especially if we can recover most if not all the money it cost to do so?
The alternative wasn't acceptable, because it would have meant millions of jobs lost during a time when we ALREADY were experiencing very high unemployment. What makes sense about adding more unemployed to that? About allowing businesses just to fold, when the effects would hurt us?
The Financial Sector bailouts should have been handled like the GM one.
I note that you don't have much to say about the SPECIFICS of GM, but instead are forwarding an ideological point. As usual. Nothing matters to you more than proving that you are right, Socialism is bad, etc... you ought to admit that bailing them out was the correct thing to do. Every bit of available evidence shows that it was.
Cycloptichorn