I normally don't voice my thoughts on things of this nature, but I happened to read an article on GM from last Friday's paper. (It was right next to a picture taken by some friends of mine of a hot air balloon that landed in their yard.)
In the article was this little diddy:
Once the world's largest and most powerful automaker, the troubled company was expected to emerge from bankruptcy protection by early Friday cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.Call me crazy but isn't filing bankruptcy getting "sunk"?
The federal loans were made and they still filed for bankruptcy...so....?
The only difference seems to be that now, instead of being under the jurisdiction of the businesses it owes money, it is under the headship of the government.
The federal loans didn't keep it from sinking, they just sunk it in federal property.
-joe
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