May 28, 2011

WHO WERE THE BIGGEST LOSERS IN THE AUTO BAILOUT? “Among the creditors who suffered most, car-accident victims represent a distinct mold. Unlike banks and bondholders, this group didn’t choose to extend credit to the auto makers. As consumers, they became creditors only after suffering injuries in vehicles they purchased.”

Plus this: “Given the celebratory, even triumphalist, rhetoric that’s being applied to the auto bailout after the fact, it’s important to remember that many suffered in order to give GM and Chrysler a second chance. Even those who are proud of the bailout’s accomplishment should acknowledge that the jobs saved carried a price that goes beyond any final accounting of anonymous billions lost from the federal budget.” Fat chance of that.

Related: “Why screw these plaintiffs, and keep the union pension funds whole? Were they really so much less deserving?”

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