May 11, 2009

PROFESSOR BAINBRIDGE: “You don’t need banks and bondholders to make cars”? “If creditors get tired of getting screwed, the Chrysler debacle and the looming repeat at GM may mark a major shift in the ability of American business to finance operations and growth. Indeed, this particular chicken may come home to roost almost immediately.”

UPDATE: A hedge-fund reader writes: “Obama deliberately raised the cost of capital for every unionized business in the country. It’s worth asking why he would think that’s a good idea.”

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