Dec 18 2008
Bankruptcy As An Option For Automakers?
The Bush Administration is actually considering “orderly” bankruptcy to help the automakers. That is not a real solution. Bankruptcy is what the automakers want to avoid, and for good reasons. As the automakers themselves have pointed out, no one will want to buy cars from a company they believe will not be around much longer to honor warranties. Of course, using money set aside for Wall Street is not yet out of the question. The White House just seems to be weighing its options. It would be nice if they acted a little quicker. More plants are closing, more people are losing jobs, and the severity of the problem is increasing. Hopefully President Bush will act in the few weeks he has left. As he himself said, a huge mess cannot be left for Obama. A little can still be done to ease the crisis.
Yeah, I posted about this today too. Isn’t this bullshit? Best part was Bush’s quote, and I’m paraphrasing here, where he said he didn’t want to leave Barack Obama with a mess. HA!
http://newsday.today.com/2008/12/18/bush-calls-for-an-orderly-bankruptcy-for-big-three/