Peter Schiff Bailouts December 2nd 2008 Bloomberg
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Good host. She said almost nothing.
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@onecoolgreek can you cite this or should we take your word or it?
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The marked is ALL about profit and loss,, both equally important... It is stunning that economists do not understand this easy to understand principle.
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Bush gave the first automaker bailout of 25 billion and Obama followed up with 60 billion. GM is in the black. It is positioning for a public offering that could pay back at least 80% of the borrowed capital. Millions of jobs would have been lost and dependent economies (city of Detroit) would have also defaulted. Free markets say loose an industry that took a century to build because foreign capitalists can produce more efficiently. Bush = socialist or just pragmatic capitalist?
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anchor is hot! what's her name?
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Management wasn't the problem Unions that forced high ass wages and hellcare securitization and pensions on the auto industry courtesy of the Fascist anti-American UAW and their cronies in gov that bullied and murdered their way into "business" in the 30's are responsible for the high cost of cars added to the already inflated cost of consumer goods in this country with an added problem of these car makers losing money per car in thousands becuase of union oncosts.
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Chrysler did not work and they paid off the loan with debt and they later got bought out by daimler.
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good points!!
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just moved new area
im bored on cam tU
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I literally applaud Peter every time common sense is injected into the debates.
frosty321 3 years ago 17
No, no, no, he is just an Austrian.
HighIncidentBandit 3 years ago 15