Detroit News Endorsement for President

[texas_ex2000]

Detroit News Endorsement for President

 

[WashU-Horn]

I live in Michigan and I have never heard of this Detroit News.

 

[Michtex]

In reply to:

---

---

 

[DFWAg]

I am sure the Free Press will remind everyone that our President plowed tens of billions of dollars earmarked for Troubled Asset Relief into the Auto Industry bailout and trampled bondholders in the process all so he could satisfy his union backers.

Taxpayers from other parts of the country stepped up so Michigan's unionized auto workers can continue to earn unsustainable wages while churning out Buick Regals and Chevy Volts. Hooray (at least until we run into another bankruptcy scenario in the next 10-15 years)!!!

 

[Horndale]

Not to hijack this thread, but .....help me remember.
Gm filed bankruptcy after the tax payer bailout?

 

[314]

Its a conservative newspaper. Who else would they endorse?

 

[DFWAg]

Technically GM entered bankruptcy just prior to the cash infusion from the government but you should think of them as linked events.

Because of the debt crisis, the Federal Government proactively stepped in as the financial backer for the "New GM" as they declared the credit crisis had disrupted the normal "Debtor in Possession" channels of Chapter 11.

In normal times, a lack of financing for a Chapter 11 means you have truly screwed the pooch as a business and need to just resort to Chapter 7 liquidation and let the bondholders fight over your scraps in court.

This was not a politically viable event so the government used TARP funds to back GM through the Re-org. process and created a lot of controversial precedent in how it interrupted the normal creditor recovery processes .

 

[texas_ex2000]

In reply to:

---

---