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Lorr47 -> RE: Detroit to Complete My Life (11/28/2008 3:48:38 PM)
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quote:
ORIGINAL: celticlord2112
quote:
The Nobel Laureate who recently won the prize in Economics bitch slapped George Will so bad with the lending argument that Will did not say another word for 15 minutes.
Paul Krugman is an arrogant ass on the best of days, but Nobel Prize notwithstanding, his statements on point are about as directly relevant to Ford, Chrysler, and GM as any statements made here (i.e., not relevant at all).
I will restate for simplicity:
Have the CEOs of Ford, Chrysler, and GM sought out and failed to find potential lending sources for navigating a Chapter 11 bankruptcy proceeding?
GM CEO Rick Wagoner's argument against Chapter 11 does not mention a lack of lending sources, but rather the fear that people will stop buying GM products if they go into Chapter 11.
The assertion that there are no lending sources for a Chapter 11 proceeding is untested, unproven, unsupported, and is better described as hysteria than reasoned discourse.
Lord, if Paul Krugman is an arrogant ass, your job description has been filled. Have you been fired ?
The lending question has been discussed in various areas of the internet and government for weeks. However, you have to be able to read. The answer has always been that the lenders will not lend because the conservatives have so screwed up the system for the last eight years that it may be years before reasonable law abiding people can rescue the economy from the conservatives/thieves.
I do not know who the management of the automakers have called and unlike you I do not claim to be omniscient. (Of course, if I ever want to know what god is thinking I will ask you.) Take a valium.
Even Buchanan has abandoned the bluster and commented two weeks ago that if the republicans/conservatives did not put aside politics and work to save the economy rather than trying to torpedo the incoming administration that there might not be a republican/conservative above dog catcher in the U.S. If Buchanan is slated for dog catcher, I think your future is indeed bleak.
Now, the Nobel Laureate in Economics claims that the lenders will not lend into a Chapter 11. HOWEVER, Celticlord disagrees. Lets see, based on my 30 plus years practicing law punctuated by bankruptcy practice and five years in economics, I will give you one guess who I believe. You are amusing but do not translate that into believable. You utilize every tactic in the obstructionist arsenal. I tend to ignore obstructionists and other than this temporary lapse will go back to ignoring you. Bye.
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