Posted under Economics
Barak Obama said last night he doesn’t want the Feds to run a car company and he’ll get his wish for Chrysler today will head into bankruptcy because it could not work out a deal among lenders to salvage the company, probably because (and this is just my speculation) the Feds weren’t willing to put enough money forward to satisfy bondholders and other lenders.
But if AIG was threating to go under, well all they have to do call Tim Geithner and say “Either give us another $80 billion or we pull the plug,” and the money would be in their accounts in no time.
A nation that became a superpower based on what it made has traded its muscle for silly hands that count money every day. If no man, no party or anyone can make a populist issue of this against the Administration, then we deserve to be a one-party country.