I wrote this.
This article suggests that there is no Chapter 11 for the auto industry. If GM fails, its suppliers will go under and, as many of those suppliers also sell to Chrysler and Ford, that will push them over the edge. Suppliers that sell more to Chrysler and Ford will go under and many of those suppliers also sell parts to the foreign car plants in North America.
If GM is allowed to fail, something like three million jobs will be lost. This recession is just gathering momentum; toss three million more people out of work and the recession will be wider, deeper and longer.
It seems to me that the opponents of doing something to help the auto industry are operation solely on ideology. So that the opponents can feel virtuous seems to me to be a poor reason to fuck over a few million people.
(H/T to Krugman)
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38 minutes ago
3 comments:
A-fucking-men.
Actually, that's 3 million jobs, which means that over ten million people will be fucked over if GM fails.
And you know what else??
We will still have to provide those fucked over folks with food stamps, unemployment and general welfare..
So we can pay now, or pay when they are all out of work and looking to government to do something to keep them and their loved ones alive.
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