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  • Wall Street Breakfast: Must-Know News [View article]
    Talk about a major missed opportunity - all those perps in one location and no tar or feathers....
    Feb 11 09:03 am |Rating: +7 -7 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Correction - Paulson is NOT clueless. Clever, yes. The problem is that the "clues" he bases his decisions on are based on his underlying assumptions, learned from the Milton Friedman school of quasi-economics.

    In reality, the kindest, most effective thing that one can do for an insolvent company is put it into bankruptcy. There a court appointed conservator takes over the operations and the fools that ran the company into the ground get to go golfing ( unfortunately for US, the fools that ran 'em into the ground are Paulson's buddies, who he is treating especially well)

    In bankruptcy the assets get bought up by lean, mean capitalists who get the company back to work less the enormous debt burden. Look at Lehman - they were back in business with 10,000 workers back on the job in days.

    Put all the insolvents where they belong - in bankruptcy. Yes, the losses will be huge. Yes, it will hurt all Americans. But it will allow a fresh start. And that's a lot better than a decade or two of muddling through.

    Losses the size of what Wall St and the automakers have CANNOT be worked out. Why try ? It is just a waste of time, money and effort.
    Nov 13 12:14 pm |Rating: +2 0 |Link to Comment
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