....there's a system in place for dealing with crises such as this, even at the scale of massive corporations. It's called bankruptcy, and it should not be written off as unthinkable. Filing for Chapter 11 protection under bankruptcy law is the normal way a company stays in business when facing an unmanageable financial situation. It keeps creditors at bay while the company reorganizes under court supervision and settles its debts. In recent years it has served as a refuge for major airlines (Delta and United) which, you may notice, continued to fly while in Chapter 11 and, post-bankruptcy, fly today. Bankruptcy protection also frees companies from union contracts. Could this be why it seems to have been taken off the table as an option, at least among Democrats? We can only surmise, but it's clear that a bankruptcy process would be rough going for the United Auto Workers." --I'm Just Saying - these elephants aren't talking peanuts!
Wednesday, November 19, 2008
More on the Elephant
Excellent point on the Democrats and UAW by Mark Alexander in EDITORIAL EXEGESIS over at the Patriot Post.
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The CEO's of the Big 3 were so worried about getting more money...How worried were they? So worried they traveled to DC via private jet to beg for money.
ReplyDeleteThis is like a well dressed beggar, smoking, drinking a beer and eating a sandwich, while begging for a dollar.
Maybe that bailout money (that we all know they're getting anyway) should be used to make their company small enough to fail? The company will technically fail by separating and at the same time become small enough to fail. The smaller companies should fuel more competition, more innovation, lower prices, etc... Not exactly the solution we'd like to see, but I could see both sides of the isle agreeing to it. It's got elements of government intervention(that we're getting anyways) AND a free market solution!
ReplyDelete"I'm just sayin..." ...we all know the unions aren't going anywhere.