GM looking for more bailout money
GM says that it may need more money from the government, err, the taxpayers.
General Motors Corp.’s chief operating officer said Monday that the automaker has presented a worst-case scenario to Congress in which it would need more money than the $13.4 billion allocated by the Treasury Department.
I’ve said it before and I’ll say it again, but the true government bailout should be bankruptcy.
Capitalism allows you to file for bankruptcy, reorganize in Chapter 11 and try to make a go of it again. That’s how the system should work. It should not entail us being told to empty our wallets because the Big 3 didn’t make cars that we wanted to buy.
In capitalism, if a business is allowed to fail, the marketplace allows other more efficient businesses to survive. We pervert the system by bailing out manufacturers who have inefficiencies.
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Tags: auto, bailout, bankruptcy, chapter 11, congress, general motors, gm
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January 13th, 2009 at 9:52 pm
I couldn’t agree more! This entire debacle is beyond words. On the one hand, I am incredulous that the bailouts are actually going through. On the other, I’m not surprised at all.