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As I said in another thread.......
It's funny how the defenders of the bailouts act like every single GM job, and all their supplier jobs, would have been lost if they went into normal bankruptcy.
It's as if all the people who were going to buy cars and trucks would suddenly decide to never buy anything again. Ridiculous.
Sure, there would have been jobs lost. The inefficient parts of the company would have went under. But guess what?
THAT'S EXACTLY WHAT HAPPENED ANYWAY WITH THE TAXPAYER BAILOUT. GM STILL LOST 23 THOUSAND JOBS AND CLOSED 13 PLANTS.
You know what the difference is? Government got to pick the winners (UAW) and losers (secured bondholders, salaried employee retirement funds), and THEY USED YOUR TAX MONEY TO DO IT.
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