The proximate cause of the bankruptcy was supposed to be the inability of GM and the government's auto task force to reach an accommodation with GM's bondholders. But late last week, the bondholder problem was moving toward rapid resolution, and was clearly resolvable. Why then are GM and its multibillion government financier proceeding with bankruptcy?
The bankruptcy and the GM restructuring plan are the product of a secretive, unaccountable, Wall Street-minded government task force that assumed power because of a Congressional abdication of historic magnitude. By all rights, the restructuring plan should have been submitted to Congress for deliberative review and decision.
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... not only do I find myself in agreement with the Russians and Chinese criticizing O Duce's lunatic plunge into Marxism, but I can find more than one paragraph in anything Ralph Nader says that I'm even within a parsec of agreeing with. Good Lord.
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