re: #228 Obdicut

No, according to that article he supported financing post-bankruptcy, but the point was an orderly bankruptcy. Unless he was actually implying that the managed bankruptcy should involve credit from the government, in which case he really has no objections to what went down.

I have heard this orderly bankruptcy argument by Republicans, and I’m not an expert on it, but as I understand it that means that creditors get screwed and in the case of the thousands of auto suppliers which constitute the majority of the auto industry, would they not be out of business very fast?

They would not have been able to get loans, pay their workers, or their own suppliers. It would have been a chain reaction of bankruptcy and default.

I think most of them would have closed shop and sold their equipment at a loss to China and we would still be wondering when the “market” would make things right.