Barb’s Blog

I have always been on the side that government should stay out of business. They can’t run themselves, why on earth would we trust them to run a business. Obama buys up the car industry, and according to Ralph Nader, not necessary: The proximate cause of the bankruptcy was supposed to be the inability of GM and the government’s auto task force to reach an accommodation with GM’s bondholders. But late last week, the bondholder problem was moving toward rapid resolution, and was clearly resolvable. Why then are GM and its multibillion government financier proceeding with bankruptcy? The bankruptcy and the GM restructuring plan are the product of a secretive, unaccountable, Wall Street-minded government task force that assumed power because of a Congressional abdication of historic magnitude. By all rights, the restructuring plan … Read entire article »