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GM: The Bailout vs Bankruptcy Meme

J. Bradford DeLong's Grasping Reality with All Eight ... found this 11/17/2008 on portfolio.com

There's a bailout vs bankruptcy meme going around with regard to GM -- a choice which makes me want to tick "none of the above". I've seen it in dozens of places of late, but since it comes with the imprimatur of Paul Krugman , let's look at the argument of Jonathan Cohn : GM ...