Obama backs Chrysler bankruptcy as wise move

WASHINGTON (AP) -- President Barack Obama announced Thursday that Chrysler would head into bankruptcy with the aid of up to another $8 billion in taxpayer money, a last-resort attempt to quickly restructure the struggling giant. He blasted hedge-fund creditors whom he said held out for a richer deal....

By BEN FELLER

More...

 

All that money the American people have invested in Chrysler was wasted.

What a surprise?

 

this is so dumb...

let capitalism work...

 

Say... whatever happened to Enron? They called the Bush administration, seeking a bailout, and they said "No.".

Later, they were bankrupted, and everything got into the press. The free market dumped them faster than any SEC regulator or TARP bailout could. Many people lost, but that was only those who had invested EVERYTHING in an Enron stock fund. Personally, I lost like three grand. Ehh... small potatoes.

And the benefit? A bad company using wicked practices died properly, and we aren't still pumping it with life saving bailout money, nor talking about Obama "taking over" or "firing the CEO" of Enron. THAT is how bad companies are dealt with!

Let capitalism take its course!