JD, pretty much agree with everything you said. Market forces and bad things are only allowed to happen to people who aren't politically connected.
GM is a good example. I lost everything on my GM stock which was a substantial part of my retirement plan. However, external_link did not make the unions take the same hit as I did. in fact, he REWARDED them by giving them a big chunk of the company to be used to pay for their lifetime health care (another benefit that very few of us get).
He touts that GM was "too big to fail" but the reality is that the pieces would have been bought and cars would still have been made under the same brand name as before. Chevy is a very valuable brand name. Instead, external_link ignored bankruptcy law, kept the UAW members whole (their contracts should have been ripped up), protected them over SECURED CREDITORS. Oh yeah, ask a UAW member and they'll tell you about their "sacrifices" of a 2 tier wage (doesn't affect them one bit) or loss of a few vacation days or holidays(out of the dozens they get.
Same thing with the banks. Every bank that made poor decisions should have been allowed to fail. Unfortunately, a lot of the "poor decisions" related to the housing bubble (sub-prime loans) were forced on them by Congress. I believe that's why they were bailed out (because Congress would have had egg on their faces for the bad results initiated by the CRA).
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