Hell freezes over: The devil’s in the details, but it looks like Obama’s willing to let the automakers go bankrupt. I never thought he’d let that happen to his UAW constituency: The Obama’s administration’s leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter. I’d rather that no government come up with a plan to fix any private company, but the willingness to let bankruptcy occur sounds like Obama is actually willing to let people reap a measure of their own bitter fruit. I’m not sure why AIG didn’t have to reap it, but no matter, this might (might) signal a step in the right direction. Then again, Eight Mile ain’t Wall Street. Maybe Obama is simply tied into that fourth branch of government under the sycamore tree, just like everybody else in DC.
Random quote I ran across last weekend in my archives: “The gentleman is courteous, but not pliable; the common man pliable, but not courteous.” F.L. Lucas, loosely quoting Confucius.
“Mark” commented in my comments box last week. He runs Guate Living, a blog about an American living in Guatemala. Now that’s a unique blogging niche.
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