No kidding. Obama just screwed the bond holders on that GM deal. Look at all the recalls. Let the losers fail. Bailing them out fixes nothing. GM probably would have broken up and someone would have come in and bought the assets and brands. There probably would be a Chevrolet still but someone lean and mean would own it.
All the government should do is offer a loan on condition it be paid back in full. Such a loan saved Chrysler but Chrysler paid the loan back early. Iaccoca said when they went to pay the US Government back they said it would take 30 days to figure out who to write the check to because nobody usually pays the government back. Fine. Iaccoca just let the money accrue and made another million in interest while the government figured it's bullshit out.
Bailouts just make managers lazy. Where's the incentive to manage when your fuck ups are paid for? Might as well just waste the day in whore houses and on the golf course.
All the government should do is offer a loan on condition it be paid back in full. Such a loan saved Chrysler but Chrysler paid the loan back early. Iaccoca said when they went to pay the US Government back they said it would take 30 days to figure out who to write the check to because nobody usually pays the government back. Fine. Iaccoca just let the money accrue and made another million in interest while the government figured it's bullshit out.
Bailouts just make managers lazy. Where's the incentive to manage when your fuck ups are paid for? Might as well just waste the day in whore houses and on the golf course.
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