Monday, August 04, 2008
Will Congress bail out Detroit?
I predict at least one airline and one car company and several big banks won't survive for long.
What are the criteria for government loans and bailouts? The Federal Reserve already took the lead in bailing out very large Wall Street speculators with Congress following for Fannie May and Freddie Mac. Nearly all the Republicans like to socialize the losses and privatize the profits and half the Democrats or more usually go along with this.
How much should the bozos in Detroit be rewarded compared to the crooks on Wall Street?
From Friday, here is some financial analysis from our local bonddad blogger covering the extent of Detroit's problems in the stock market.