Category: Uncategorized
-
GM Nationalization: The Path Not Taken, Choices Still Ahead
Whatever the woes of General Motors — and they are substantial — it does not follow that the government needed to drive the company into bankruptcy. With at least $50 billion in government supports undergirding the new GM, the Obama administration auto task force deciding GM’s fate could have steered the company away from bankruptcy…
-
Bankrupt Thinking
What in the world is the Obama administration thinking? The GM bankruptcy — entirely avoidable — seems designed to hurt every constituency it is supposed to assist. First, as to the avoidability issue: There’s no doubt that chronic mismanagement and the deep recession have left GM in dire straits. But with the government pouring tens…
-
No Blank Check for the IMF
This month’s G20 meeting ended with one overriding tangible agreement: A commitment by the rich countries to provide more than $1 trillion in assistance (mostly in the form of loans) to developing countries. This money is desperately needed. Although they had nothing to do with mortgage-backed securities or credit default swaps, developing countries are getting…