The Two B's

Bailout or bankruptcy? Specifically, the question that Obama faced and what we now know as the very successful auto bailout. (GM produced record profits and Chrysler was back in the red for the first time in over a decade) But Romney would have chosen the second B. Let's be clear: bankruptcy is very kind to a company's shareholders and creditors, and very unforgiving even as it shreds its (contractually obliged) promises to its workers. What else to expect from a Wall Street guy? He was willing to inflict immense pain upon workers whose financial planning would have been completely upended. And he takes that position because people like him believe quite paradoxically that the average well-managed investment portfolio wouldn't be sufficiently diversified to allow it to absorb the loss of some auto company securities. So instead, we should decide to take away the employees' livelihoods. All to spare the rich the indignity of a poor return on investment.