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Detroit will NOT be bailed out. Instead there will be a negotiated bankruptcy.
Why?
Because of the Treasury ponzi scheme. EVERY single US financial print media - WSJ, Financial Times, Investor's Business Daily, Barron's, etc. - is against an auto bailout. At least in the UAW's, Michigan politicians', and auto corporations' proposed form of TARP funding.
A bailout will undermine the shadow banking system of Treasury swaps and TARP re-capitalization of the financials. The money would be going into the real economy - UAW, creditors, Detroit councilmens' districts, etc. - as opposed to staying w/in the digital boundaries of the Fed's playland.
Thursday, December 18, 2008
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1 comments:
Update - Detroit received an emergency loan line from the TARP program that gives the Big 3 enough money to last until March 2009.
This is NOT a bailout as the issue of their solvency, business model, and other fundamental issues have not even been addressed. It is putting a band aid on a terminally ill smoker.
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