Sometimes, you just want to be wrong. Really wrong.
This is one of those times.
A month or so ago, I mentioned here that GM, instead of receiving bailout hog-trough funding, should be allowed to go into Chapter 11 bankruptcy. Any government fiscal intervention, I opined, should be in the nature of DIP financing (or guarantees) upon emerging from said bankruptcy.
So, imagine my surprise when looking on the front page of Saturday’s Wall Street Journal…
GM says, according to John Stoll of the Journal, that they have two options, and only TWO: Commit billions more government largess to this idiocrity (new word, jot it down), or provide DIP financing after allowing GM to enter and emerge from bankruptcy.
Well I’ll be damned. Didn’t see that coming, eh??
Now, it’s all of a sudden somewhat palatable to enter bankruptcy. Now, it seems, GM feels people may actually still buy their cars while in bankruptcy. Now, it seems, that GM’s bankruptcy doesn’t equal 2-3 million jobs lost overnight.
Folks, you want a brazen example of absolutely poor leadership, use this as a case study. Both inside GM, and among those in our political establishment (pick a side, I don’t care) who supported this debacle in the first place. May have just as well started a bonfire with that $17 BILLION dollars…
I don’t even know where to start.
How about “I told you so?”
But that’s just me…