Wednesday, November 12, 2008

So let me get this straight....

you want to take my money
and give it to the guys that manufacture the Hummer
so they can take that money
and use it to pay creditors
who loaned them money at high interest rates because they've got a pretty iffy business

we have bankruptcy laws for a reason
let them file (the stock is already wiped out (it's a 2b market cap now))
and let the creditors bear the burden of the risk

the only 'profit' to be had out of putting money in is 'trickle down'
screw that
let it fail


Karmadrome said...

I think this speaks to your point:

GreatGoblin said...

sorry - but giving it to GM is probably cheaper than shredding it up and feeding it to hogs...

where the fuck does this end? Circuit City went under - should they get 25b so consumers can get cheap TVs korean TVs and a bunch of minimum-wage tech morons can advise a bunch of sadly out of touch old people what new computer they need to watch the weather channel online?

GM has a 2 billion dollar market cap. Buy it. GMs debt is selling for 30 cents on the dollar. Offer everyone 35 cents. Then we OWN the company that makes the Abrams - and we can offset the cost against buying new tanks to replace all the ones we just got shot all to hell in this last quagmire of sand.

We can *always* privatize the damned things later - once we've turned them into reasonable companies with sound financial practices. If the alternative is throwing 25b down the money hole - at least this way there's a chance this mess gets sorted.