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(Huffington Post)   Mitt "Let Detroit Go Bankrupt" Romney will "take a lot of credit" for the auto industry recovery   (huffingtonpost.com) divider line 375
    More: Asinine, automakers  
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1659 clicks; posted to Politics » on 08 May 2012 at 8:46 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-08 09:54:23 AM

Wicked Chinchilla: Do you think Santorum would accept? He may decide he had a decent enough shot at this thing that in 4 more years it would be his turn for the big seat. He can't realistically do that if the election goes down its current path and the Rombot campaign gets thoroughly outran


I think he would, as he's crazy and not really that smart. I think the deal may already have been made when he dropped out.

And even if (when) Romney crashes and burns, Santorum would still be able to run in 2016; Edwards ran in 2004 after losing with Kerry.
 
2012-05-08 09:55:03 AM
Sorry, make that "Edwards ran in 2008"
 
2012-05-08 09:56:15 AM
While we're at it, I'd like to take a lot of credit for the moon landings and the invention of the cotton gin.
 
2012-05-08 09:56:47 AM
If the media were actually liberal, this would be Mitt's "I invented the internet" gaffe of the campaign.

But if you're a conservative, you get carte blanche to say what you want, lest the media be called biased and socialist because the right wing is full of petulant little biatches.
 
2012-05-08 09:57:10 AM

macadamnut: [i512.photobucket.com image 500x320]


I'd suggest you have deeper problems if you're bringing in a naturalist to testify on modern economic policy.
 
2012-05-08 09:57:21 AM

FeedTheCollapse: That said, though Santorum has obvious advantages for Romney, I think it's completely outweighed by the fact that it would cause him to lose moderates and stir up the Democrats' base.


Exactly: it's a dangerous and stupid thing to do, and it would probably cost him the election. That's why I'm expecting it to happen.

/The lesson the GOP learned with Palin in 2008 was that they didn't go far enough to the Right
//So I'm betting they make the same mistake, but worse, this time
 
2012-05-08 09:58:07 AM

Dog Welder: If I worked on the Obama campaign, I would be blanketing northern Ohio and southern Michigan with ads with Romney taking credit for the auto bailout and then hitting them with the "Let Detroit Go Bankrupt" headline. Romney is going to get skewered on this, and his campaign advisers should have advised against this.


F*ck him. Let him take all the heat. I've never seen somebody pander and lie so blatantly in all the years I've been watching politics. Newt was right, Mitt Romney is a f*cking liar.

I swear, he's another one of those guys that I started out "meh" on, and in just a few short months I've changed my mind completely to "f*ck him eternally, he's a piece of sh*t".
 
2012-05-08 09:58:59 AM

EWreckedSean: Chance of recovery of value for stock holders versus no chance. Where is the confusion? This plan guaranteed that every stock holder would get screwed (but the UAW sure got a bargain deal).


Chance of recovery? That chance was exactly ZERO. So you're preferred course of action would have been to 'do the right thing' by the stockholders giving them a non-existent chance at recovering their investment while destroying hundreds of thousands of jobs, exacerbating the shiat-storm that was the economic situation at the time.

This is the problem with being a slave to your ideology. Give me a pragmatist any day of the week.
 
2012-05-08 10:00:49 AM
CTRL+F: Envirodude

Found: 1st in the thread.
Found: replies to

Oh. Look. A trollish, asshat, threadshiatting conservative piece of garbage who hates American success unless it comes at the hands of conservative policy (which it never does anymore since conservative policy has gone completely off the deep end of sanity).

How novel.

/ get a new schtick, shiathead.
 
2012-05-08 10:02:37 AM

Dwight_Yeast: FeedTheCollapse: That said, though Santorum has obvious advantages for Romney, I think it's completely outweighed by the fact that it would cause him to lose moderates and stir up the Democrats' base.

Exactly: it's a dangerous and stupid thing to do, and it would probably cost him the election. That's why I'm expecting it to happen.


I think Romney will choose Santorum mostly because Mitt's not that creative in his choices; he goes for obvious answers even if he doesn't quite understand the reasoning behind the answer. I think he'll recognise that he needs at least some social conservative base support, but over-estimates exactly how much he'll really needs. I'm hesitant to put Santorum on par with Palin, but I do think he'll be as hard to keep on message like Palin was. I would bet Santorum will openly contradict Romney.
 
2012-05-08 10:02:52 AM

Jackson Herring: [26.media.tumblr.com image 400x462]

This guy did all he could. Deserves as much credit as Mitt I suppose.


That poor dog. Not getting enough credit for the bailout.
 
2012-05-08 10:02:54 AM

verbaltoxin: If the media were actually liberal, this would be Mitt's "I invented the internet" gaffe of the campaign.


If the media were actually liberal, I'd have that rainbow-farting unicorn I've always wanted. So there's that
 
2012-05-08 10:03:37 AM

sweetmelissa31: Jackson Herring: [26.media.tumblr.com image 400x462]

This guy did all he could. Deserves as much credit as Mitt I suppose.

That poor dog. Not getting enough credit for the bailout.


Fat pets are not funny.

They are hilarious.
 
2012-05-08 10:05:59 AM

qorkfiend: EWreckedSean: Hobodeluxe: Philip Francis Queeg: EWreckedSean: FlashHarry: mitt suggested a private bankruptcy. but in those days there was NO private credit to be had to keep GM or chrysler supplied with parts. they would have ended up in chapter 7 liquidation, with their assets sold off to pay creditors. only a government-backed chapter 11 bankruptcy could work. and it DID. work

and mitt opposed it.

mitt romney is a farking liar.

It worked for everybody except the hundreds of thousands if not millions of stock holders that they screwed out of their investments. People do understand that "GM" is a three year old company now I hope. The government didn't bail GM out, they liquidated it.

The stockholders weren't screwed. They made a decision to invest in a poorly performing company.

and only if they cash out when it's at bottom. if you bought when it was at the bottom you've made money already.

You don't get it do you? GM is gone. Instead of attempting to salvage the existing company, a brand new company was created mainly by the US government and the UAW, the government gave them ~$65 billion dollars ($15 through the bail out and another $50 in a sale of stock that is now almost worthless to the treasury). This new company then was sold everything of value from the old GM (including the name GM), they hired most of the executives from the old GM, hired some of the labor from the old GM, and has been living on the $50 billion loan ever since. Mean time every single person who owned stock in the old GM, which is now called the Motors Liquidation Company. Which is slowly liquidating the last of it's assets before it folds completely, farking everybody who had common stock.

Re: the stockholders: How would this have been different if GM was allowed to proceed to bankruptcy without government intervention?


How would this have been different if GM was allowed to proceed to bankruptcy without government intervention?

The US taxpayers wouldn't be on the hook for their success or failure.
 
2012-05-08 10:06:39 AM

theknuckler_33: EWreckedSean: Chance of recovery of value for stock holders versus no chance. Where is the confusion? This plan guaranteed that every stock holder would get screwed (but the UAW sure got a bargain deal).

Chance of recovery? That chance was exactly ZERO. So you're preferred course of action would have been to 'do the right thing' by the stockholders giving them a non-existent chance at recovering their investment while destroying hundreds of thousands of jobs, exacerbating the shiat-storm that was the economic situation at the time.

This is the problem with being a slave to your ideology. Give me a pragmatist any day of the week.


I wonder by what mechanism the shareholders would recover value under a Chapter 7 liquidation, and why that mechanism was not available under the Chapter 11 filing.
 
2012-05-08 10:06:40 AM

theknuckler_33: EWreckedSean: Chance of recovery of value for stock holders versus no chance. Where is the confusion? This plan guaranteed that every stock holder would get screwed (but the UAW sure got a bargain deal).

Chance of recovery? That chance was exactly ZERO. So you're preferred course of action would have been to 'do the right thing' by the stockholders giving them a non-existent chance at recovering their investment while destroying hundreds of thousands of jobs, exacerbating the shiat-storm that was the economic situation at the time.

This is the problem with being a slave to your ideology. Give me a pragmatist any day of the week.


The answer to your rhetoricals is yes. He would like to see it all burn, just to feel like he was right.
 
2012-05-08 10:07:05 AM

macadamnut: [i512.photobucket.com image 500x320]


Mr. Darwin's work in the field of biology was, at the time, unprecedented and his findings were revolutionary, but I do not believe that he would be qualified to credibly opine regarding current United States economic policy.
 
2012-05-08 10:07:22 AM

EnviroDude: The US taxpayers wouldn't be on the hook for their success or failure.


You realize the US taxpayers made money on it, right?
 
2012-05-08 10:08:03 AM

Dog Welder: FlashHarry: mitt suggested a private bankruptcy. but in those days there was NO private credit to be had to keep GM or chrysler supplied with parts. they would have ended up in chapter 7 liquidation, with their assets sold off to pay creditors. only a government-backed chapter 11 bankruptcy could work. and it DID. work

and mitt opposed it.

mitt romney is a farking liar.

If I worked on the Obama campaign, I would be blanketing northern Ohio and southern Michigan with ads with Romney taking credit for the auto bailout and then hitting them with the "Let Detroit Go Bankrupt" headline. Romney is going to get skewered on this, and his campaign advisers should have advised against this.


Romney's advisors probably did tell him not to run with the "I take a lot of credit" mantra. But Mitt Romney-Isuzu flashed his pearly whites at them and said: "If it worked for Gordon Gekko, it can work for me."
 
2012-05-08 10:09:50 AM

FeedTheCollapse: I'm hesitant to put Santorum on par with Palin, but I do think he'll be as hard to keep on message like Palin was. I would bet Santorum will openly contradict Romney.


He was my senator until we voted him out, and I can say for certain that he's almost as stupid as Palin (listen to some of the speeches he gave on the campaign trail). Worse, he's a religious ideologue who will see the nod as a chance to tell the country what he REALLY thinks about things. He's also self-obsessed bordering on the sociopathic, as his concession speech showed.

To add to the fun: the fact that he's a Catholic will be see as a plus by Romney's vetting staff, but Santorum is a fundamentalist Catholic who turns off mainline Catholics.
 
2012-05-08 10:10:24 AM

theknuckler_33: EWreckedSean: Chance of recovery of value for stock holders versus no chance. Where is the confusion? This plan guaranteed that every stock holder would get screwed (but the UAW sure got a bargain deal).

Chance of recovery? That chance was exactly ZERO. So you're preferred course of action would have been to 'do the right thing' by the stockholders giving them a non-existent chance at recovering their investment while destroying hundreds of thousands of jobs, exacerbating the shiat-storm that was the economic situation at the time.

This is the problem with being a slave to your ideology. Give me a pragmatist any day of the week.


Exactly zero huh? Funny they didn't liquidate Chrysler and it is still here. The only "slave to ideology" going on here is you brain trusts with your "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".
 
2012-05-08 10:11:05 AM

Dimensio: macadamnut: [i512.photobucket.com image 500x320]

Mr. Darwin's work in the field of biology was, at the time, unprecedented and his findings were revolutionary, but I do not believe that he would be qualified to credibly opine regarding current United States economic policy.


I think what Dickbag up there means is that since we're all liberal scum, we support the work of Charles Darwin, and since social Darwinism (and its commiserate bastardization for use in the business world) and Darwin's actual theories on the origins of species are totally and completely the same thing, it's disingenuous of us to have supported the auto bailouts.

Man, I'm in a bad mood today.
 
2012-05-08 10:11:24 AM

qorkfiend: I'd suggest you have deeper problems if you're bringing in a naturalist to testify on modern economic policy.


Dimensio: Mr. Darwin's work in the field of biology was, at the time, unprecedented and his findings were revolutionary, but I do not believe that he would be qualified to credibly opine regarding current United States economic policy.


Are you suggesting supply-side capitalism isn't natural?

You commies sure do talk a lot of shiat.
 
2012-05-08 10:11:40 AM

FlashHarry: mitt suggested a private bankruptcy. but in those days there was NO private credit to be had to keep GM or chrysler supplied with parts. they would have ended up in chapter 7 liquidation, with their assets sold off to pay creditors. only a government-backed chapter 11 bankruptcy could work. and it DID. work

and mitt opposed it.

mitt romney is a farking liar.


From Mitt Romney,

"A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk."
 
2012-05-08 10:12:08 AM

EnviroDude: How would this have been different if GM was allowed to proceed to bankruptcy without government intervention?

The US taxpayers wouldn't be on the hook for their success or failure.


The US taxpayers have a very real chance of getting their money back. Without the government intervention, many many thousands of people would have lost their jobs and would have collected unemployment benefits for a long time... many many thousands of people with greatly reduced purchasing power, reducing overall demand for goods and services and further weakening an economy that was already in the shiatter. But hey, at least those stockholders would have still held their shares in a bankrupt company.
 
2012-05-08 10:12:10 AM

qorkfiend: I wonder by what mechanism the shareholders would recover value under a Chapter 7 liquidation, and why that mechanism was not available under the Chapter 11 filing.


Chapter 7 often involves a restructuring of a company, with the shareholder retaining ownership with court oversight.

Chapter 11 is a liquidation, and all the creditor line up to get their share. Those who are owed the most come first and it works its way down the line. Shareholders are at the end of that line and (generally) get nothing.
 
2012-05-08 10:13:22 AM

EWreckedSean: "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".


Well, since that company was the one who thought it wouldn't be able to weather a bankruptcy without being liquidated, I'm not sure what else you expected to happen.
 
2012-05-08 10:13:44 AM

cameroncrazy1984: EnviroDude: The US taxpayers wouldn't be on the hook for their success or failure.

You realize the US taxpayers made money on it, right?


Wasn't there a story last week on Fark claiming we hadn't actually made money on the bailouts?
 
2012-05-08 10:13:57 AM

Dwight_Yeast: qorkfiend: I wonder by what mechanism the shareholders would recover value under a Chapter 7 liquidation, and why that mechanism was not available under the Chapter 11 filing.

Chapter 7 often involves a restructuring of a company, with the shareholder retaining ownership with court oversight.

Chapter 11 is a liquidation, and all the creditor line up to get their share. Those who are owed the most come first and it works its way down the line. Shareholders are at the end of that line and (generally) get nothing.


I thought it was the other way around: 11 is restructuring and 7 is liquidation.
 
2012-05-08 10:14:25 AM
At this point we might want consider sending Mitt to the LHC to see if we can generate a source of neigh infinite energy from the political spin state...
 
2012-05-08 10:14:59 AM

macadamnut: Are you suggesting supply-side capitalism isn't natural?


I think he's suggesting the comic wasn't intelligently designed. Theories in the schools of Economics and Biology are not transferable.

More than that... I thought the derpy types didn't like Darwin, what with the whole 'we evolved from apes' business.
 
2012-05-08 10:15:54 AM

qorkfiend: I thought it was the other way around: 11 is restructuring and 7 is liquidation.


You are correct. I can never keep them straight.
 
2012-05-08 10:16:05 AM

EWreckedSean: Exactly zero huh? Funny they didn't liquidate Chrysler and it is still here. The only "slave to ideology" going on here is you brain trusts with your "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".


"On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat."
 
2012-05-08 10:16:42 AM

Duke Phillips' Singing Bears: Dog Welder: If I worked on the Obama campaign, I would be blanketing northern Ohio and southern Michigan with ads with Romney taking credit for the auto bailout and then hitting them with the "Let Detroit Go Bankrupt" headline. Romney is going to get skewered on this, and his campaign advisers should have advised against this.

F*ck him. Let him take all the heat. I've never seen somebody pander and lie so blatantly in all the years I've been watching politics. Newt was right, Mitt Romney is a f*cking liar.

I swear, he's another one of those guys that I started out "meh" on, and in just a few short months I've changed my mind completely to "f*ck him eternally, he's a piece of sh*t".


Romney, the more you learn, the less you like.

I've learned enough watching the man pander and outright lie so often I've gone from not liking to actively loathing.

He's a spineless, power-hungry, out of touch elitist who's off as a cross between Gordon Gecko and Thurston Howell III.
 
2012-05-08 10:16:55 AM

verbaltoxin: cameroncrazy1984: EnviroDude: The US taxpayers wouldn't be on the hook for their success or failure.

You realize the US taxpayers made money on it, right?

Wasn't there a story last week on Fark claiming we hadn't actually made money on the bailouts?


I am sure if you look deep enough there is a story out there reporting that aliens bailed out the car companies. Just about any stupid POS gets printed these days. Truth or objective evidence is no longer a requirement.
 
2012-05-08 10:16:56 AM

theknuckler_33: EWreckedSean: Exactly zero huh? Funny they didn't liquidate Chrysler and it is still here. The only "slave to ideology" going on here is you brain trusts with your "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".

"On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat."


Ooh ooh! Plus: "In December 2008, U.S. President George W. Bush agreed to a $4 billion bailout for Chrysler.[6] This was followed by an additional $8.5 billion bailout that was extended by President Barack Obama early in his administration.[7] In total, the government granted a $12.5 billion dollar bailout for Chrysler"
 
2012-05-08 10:16:59 AM

hubiestubert: At this point we might want consider sending Mitt to the LHC to see if we can generate a source of neigh infinite energy from the political spin state...


He shouldn't try to take credit for it, but to say he was against what happened is just as retarded.
 
2012-05-08 10:17:57 AM

theknuckler_33: EWreckedSean: Exactly zero huh? Funny they didn't liquidate Chrysler and it is still here. The only "slave to ideology" going on here is you brain trusts with your "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".

"On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat."


Getting smacked by facts has to sting. Now let's watch him attempt to no-sell it.
 
2012-05-08 10:19:46 AM

Duke Phillips' Singing Bears: I think what Dickbag up there means is that since we're all liberal scum, we support the work of Charles Darwin, and since social Darwinism (and its commiserate bastardization for use in the business world) and Darwin's actual theories on the origins of species are totally and completely the same thing, it's disingenuous of us to have supported the auto bailouts.


Precisely.

You see, whatever happens in this world was supposed to happen. The mart of competitive commerce by definition ensures the best possible outcome. The entire physical universe is, in actuality, an enormous mart of competitive commerce, except using quarks or leptons as monetary units. Any attempt to change it using a government will only result in more suffering. Although I wonder if the attempts to change it using government are in themselves part of the mart of competitive commerce?

Oh sh*t what have I done
 
2012-05-08 10:19:56 AM
 
2012-05-08 10:20:21 AM
fbcdn-sphotos-a.akamaihd.net
 
2012-05-08 10:20:34 AM

qorkfiend: theknuckler_33: EWreckedSean: Exactly zero huh? Funny they didn't liquidate Chrysler and it is still here. The only "slave to ideology" going on here is you brain trusts with your "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".

"On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat."

Ooh ooh! Plus: "In December 2008, U.S. President George W. Bush agreed to a $4 billion bailout for Chrysler.[6] This was followed by an additional $8.5 billion bailout that was extended by President Barack Obama early in his administration.[7] In total, the government granted a $12.5 billion dollar bailout for Chrysler"


www.commonwealthfoundation.org
 
2012-05-08 10:22:18 AM

ha-ha-guy: Group 3 tends to view Mitt Romney as pond scum that should shot into a low earth orbit due to his "fark Detroit" stance.


LEO? Oh hell no, that mission profile calls for "straight into the sun."
 
2012-05-08 10:22:22 AM
imagine that, a two faced Republican.


and if the bailout had not worked, then Mitt 'the sh*t' Romney would have been telling us all about that. Mitt is going to say whatever his sheep followers want to hear so he can get into office and resume cutting taxes for his wall street buddies.
 
2012-05-08 10:22:33 AM
Has anyone mentioned yet that by saving GM Obama also saved the integrity of the North American based supply chain which might have sunk Ford as well if it collapsed?

Cos that should probably be mentioned at some point.
 
2012-05-08 10:24:04 AM

qorkfiend: theknuckler_33: EWreckedSean: Exactly zero huh? Funny they didn't liquidate Chrysler and it is still here. The only "slave to ideology" going on here is you brain trusts with your "there is zero chance one of the world's largest companies could have weathered a bankruptcy without being liquidated by the government".

"On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat."

Ooh ooh! Plus: "In December 2008, U.S. President George W. Bush agreed to a $4 billion bailout for Chrysler.[6] This was followed by an additional $8.5 billion bailout that was extended by President Barack Obama early in his administration.[7] In total, the government granted a $12.5 billion dollar bailout for Chrysler"


Also, all government bailout money extended to Chrysler was conditional on the company's sale to a buyer approved by the government (ie, Fiat). If there hadn't been a ready buyer, Chrysler would have been liquidated.
 
2012-05-08 10:24:24 AM

theknuckler_33: EnviroDude: How would this have been different if GM was allowed to proceed to bankruptcy without government intervention?

The US taxpayers wouldn't be on the hook for their success or failure.

The US taxpayers have a very real chance of getting their money back. Without the government intervention, many many thousands of people would have lost their jobs and would have collected unemployment benefits for a long time... many many thousands of people with greatly reduced purchasing power, reducing overall demand for goods and services and further weakening an economy that was already in the shiatter. But hey, at least those stockholders would have still held their shares in a bankrupt company.


The concept that companies recover from bankruptcy is just one you don't get isn't it? The fact that hundreds of thousands if not millions of normal, every day people had money invested into GM for their futures have totally been screwed doesn't matter to you at all does it? You act like stock holders means some fat cats on Wall Street sitting on money bags.
 
2012-05-08 10:26:17 AM

quatchi: Has anyone mentioned yet that by saving GM Obama also saved the integrity of the North American based supply chain which might have sunk Ford as well if it collapsed?


No, that's something even Ford (in their "we didn't take any money" ads) doesn't mention. And it wouldn't have just hit Ford; many Japanese and German companies make cars in North America, and many rely on the same suppliers who supply the Big Three.
 
2012-05-08 10:26:28 AM
Managed bankruptcy worked to save the auto industry. In Romney's editorial he argued for managed bankruptcy. Therefore he is not telling a direct lie.

It is also right there in the first paragraph of his piece that he was against the government bailout, which of course was absolutely essential for the managed bankruptcy to work. His lie is a lie of omission.

There is actually a lot of good common sense stuff in his editorial, stuff which the current GOP finds anathema, e.g. "I believe the federal government should invest substantially more in basic research - on new energy sources, fuel-economy technology, materials science and the like - that will ultimately benefit the automotive industry, along with many others. I believe Washington should raise energy research spending to $20 billion a year, from the $4 billion that is spent today."
 
2012-05-08 10:27:51 AM

hillbillypharmacist: Duke Phillips' Singing Bears: I think what Dickbag up there means is that since we're all liberal scum, we support the work of Charles Darwin, and since social Darwinism (and its commiserate bastardization for use in the business world) and Darwin's actual theories on the origins of species are totally and completely the same thing, it's disingenuous of us to have supported the auto bailouts.

Precisely.

You see, whatever happens in this world was supposed to happen. The mart of competitive commerce by definition ensures the best possible outcome. The entire physical universe is, in actuality, an enormous mart of competitive commerce, except using quarks or leptons as monetary units. Any attempt to change it using a government will only result in more suffering. Although I wonder if the attempts to change it using government are in themselves part of the mart of competitive commerce?

Oh sh*t what have I done


He wasn't saying let the auto industry go down the drain. The who article was to promote a managed bankruptcy, which OMG what was done. He shouldn't try to take credit for it, that was the douche part.

"The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.

In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check."
 
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