Bankruptcy was better
Posted by Michael S. Rozeff
"Fannie Mae lost $29 billion in the 3rd quarter and "needs" more money from the U.S. Treasury. AIG just got yet another $40 billion! American Express, one of Warren Buffett's favorite companies, is becoming a bank so it can get cheap Treasury financing. Is it too in danger of failing? It's in the black but very heavily levered (much debt). Isn't it about time GM went under?
The U.S. is fast becoming a version of British socialism with its nationalized firms that bled taxpayers constantly."
To see the magnitude of the outrage involved in a possible bailout, see
http://www.cbsnews.com/stories/2008/11/12/politics/otherpeoplesmoney/main4595068.shtml?source=RSS&attr=_4595068
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