We are here - this is now. Hindsight is great looking back. Bush's T&Cs included everyone coming to the table. There was a good opportunity to fix the problem. I don't believe the Romney option of managed bankruptcy would have worked. GM was toast and there may well have been a break down and bun fight as the Union pensions were in a massive hole. Keeping GM going was the best immediate option (the costs of failure were immense, way more than $80bn) as long as concessions could be reached. Obama went along and let the Unions off the hook and added daft things on the 2do list. Thus the bailout became a temp patch as the hole is still there and the problem of uncompetitve labour just as big as before. GM is a gawner,,,,
The Democratic convention took place in an alternative universe in which Mitt Romney wanted a very ominous "bankruptcy" for General Motors and Chrysler -- a catastrophic event that would have put millions out of work. Alternatively, speaker after speaker kept telling us, President Barack Obama implemented a "rescue" that saved all those jobs and avoid that fateful "bankruptcy." It's as if, somehow, not a single Democrat remembers the historic bankruptcy filings by Chrysler on April 30, 2009 and General Motors on June 1, 2009. Which is pretty weird, because they were among the largest bankruptcies in history.
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