Who do you think helped arrange a quick, efficient, and fair bankruptcy process for Chrysler?
Now that their alliance with Fiat is set they're planning to emerge from Chapter 11 bankruptcy after just 31 days. It would have been a lot worse if we had just let "the market" deal with it.
Who forced GM back to the drawing board when their first stab at a restructuring plan fell way short, and would have simply led to more failure?
Who pressured the United Auto Workers to accept further cuts in compensation and health care benefits to arrive at a workable deal?
Who got GM to agree to streamline their brands, who provided funding to clean up their balance sheet, and make it possible for GM to be in position for a smooth and relatively quick in-and-out bankruptcy?
Clue - it sure wasn't the magical, invisible hand of laisser-faire, free market capitalism.
Current Events » in reply to Read the study.
But Obama's Auto Task Force has guided the whole process!!
The whole thread (27 posts)
- Nationalization of GM update
- As opposed to the TB Plan
- Anyone understand the implications of this bankruptcy?
- You don't normally need the President's supervision to undergo a corporate bankruptcy procedure.
- By facilitating a smooth and rapid bankruptcy, the Obama administration is saving thousands of jobs.
- You also don't normally get government resources and guarantees. GM got a sweet deal. (n/t)
- Anyone understand the implications of this bankruptcy? (n/t)
- You don't normally need the President's supervision to undergo a corporate bankruptcy procedure.
- Tell me, Art...
- Anyone understand the implications of this bankruptcy?
- When capitalism fails something has to fill the vacuum.
- As opposed to the TB Plan