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How Washington blew GM?s bankruptcy

By Implode-Explode Heavy Industries

"As General Motors finally filed for bankruptcy on Monday, some critics of the move have already made the case that Congress, not a White House task force, should have planned the bankruptcy. They are right about one thing: a White House task force should not have planned the bankruptcy. But they are 180 degrees wrong about what the government should have done. The bankruptcy needed much less ?public policy? input, not more. If GM were going through a ?normal? bankruptcy, here is what would have happened:"

Full post as published by Mortgage Lender Implode-o-Meter on June 02, 2009 (boomark / email).