Saturday, December 13, 2008
What is a bailout? It's either something you do for a sinking ship or something you do for someone in jail? Either way, it's NOT something you do for companies that have repeatedly failed to live up to the requirements of fundamental business, failed to look after the benefit of their shareholders, caved in to political/union pressure for decades, catered to greed and avarice that would make Gordon Gecko proud. Now our politicos (I can't call them leaders) are running scared and throwing our money (or money they are printing and using to devalue ours) at a problem that should be left to the "mercy" of the market! If Wall Street can figure out a path forward (which I believe they can) and if Detroit can figure out how to make cars America wants (and I'm not sure about this one), then they should. If they cannot, then let them file Chapter 11 and reorganize like many before them.