re: #293 Naso Tang

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.

The creditors/bondholders got screwed anyway. One of those groups just happened to be an Indiana teachers union that lost millions out of their retirement fund.