The mortgage

[tw]

Originally Posted by TheMercenary

GM should just be allowed to fail.

It is still possible that if GM was allowed to fail, then no employee jobs would be lost. But obvious even in the press are lies about what a bankruptcy threat does. By driving both Chrysler and Ford to near bankruptcy in 1979 and 1981, then both companies were saved without job losses. Because bankruptcy fixed the problems, then both companies were earning record profits four or eight years later.

Unfortunately, socialism is alive and well in America. Ross Perot is from a long list of people who tried to save GM. But too many Americans so wanted to destroy America as to keep buying that GM crap. At least one here even praised his GM product rather than admit some glaring facts.

The products were saying GM needed bankruptcy in 1991. Indeed, GM was only four hours away from bankruptcy when bean counters invented money games to protect their jobs. Among the new money games - short the pension funds.

A game played by many banks. When the homeowner did not make a payment, the finance company simply added that payment to the principal and called the mortgage viable. Therefore massive numbers of mortgages were in default - but not on the spread sheets. More Enron accounting.

Just another technique made all but legal by our illustrious leaders - who talked to god.