The bankrupty laws are there for a reason. Let them work!
Funny how they work a lot less well for people now than 8 years ago.
Any true economist can tell you that longterm health of the economy is to let failing businesses fail, to make way for those that can do it better.
If you are starting your sentence "any true", then ur doin it rong. Just sayin'. The essential question was whether or not the failure of a sufficient number of those companies would trigger global financial collapse. The consensus was that it would. Global financial collapse is NOT better for the long-term health of anyone but the cockroaches.
Granted, the collapse of the auto manufacturing sector was less likely to trigger global collapse, however, their failure and the follow-on collapse of the suppliers (down to several degrees of remove) would have lead to fairly significant hardship for a lot of workers in the US and abroad.
Perhaps cheap labor and a lower standard of living IS beneficial to the long-term health of the economy? But I don't see too many people getting in line to be the serfs.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
ninetydegrees
no subject
on 2009-09-15 11:51 am (UTC)Funny how they work a lot less well for people now than 8 years ago.
Any true economist can tell you that longterm health of the economy is to let failing businesses fail, to make way for those that can do it better.
If you are starting your sentence "any true", then ur doin it rong. Just sayin'. The essential question was whether or not the failure of a sufficient number of those companies would trigger global financial collapse. The consensus was that it would. Global financial collapse is NOT better for the long-term health of anyone but the cockroaches.
Granted, the collapse of the auto manufacturing sector was less likely to trigger global collapse, however, their failure and the follow-on collapse of the suppliers (down to several degrees of remove) would have lead to fairly significant hardship for a lot of workers in the US and abroad.
Perhaps cheap labor and a lower standard of living IS beneficial to the long-term health of the economy? But I don't see too many people getting in line to be the serfs.