theamericanscene.com - 5/4/2009
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Apropos of Jim Manzi and Megan McArdle on the Chrysler bailout: I take a much less idealistic view of the whole business.
The reason the government is involved in this process at all is that everyone assumes that, in the event of a bankruptcy of one of the major auto companies, nobody will ...
gregmankiw.blogspot.com - 4/30/2009
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gregmankiw.blogspot.com —
Via the WSJ , here is the view
from a "secured (sic) creditor" of Chrysler: "Like many
others I made the mistake of buying what I believed was 'value,'" Mr. Gwin says, adding that investors who bought at the time believed the loans were worth more ...
(more)
The Rule of Law -- Not!
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Blog Reactions
Should I Worry About Chrysler?
Megan McArdle —
... Perhaps it's idealistic
of me, but the American bankruptcy system actually works very, very
well. I think we should be very cautious about mucking with it,
particularly when there's no reason to. The administration didn't need
to beat up the creditors in order to reorganize the company--or at
least, they wouldn't have needed to do so, if they weren't trying to
make the creditors take less than they'd get in a liquidation. Nor did
it need to do so to keep the UAW at the table--unlike capital, the UAW
isn't going anywhere. The administration is beating up ...
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