Saturday, September 1, 2012

Warren Buffett, sleep easy

"(G.M.) is again losing market share, and its stock, of which taxpayers own 26 percent, was trading Thursday morning at $21, below the $33 price our investor in chief paid for it and below the $53 price it would have to reach to enable taxpayers to recover the entire $49.5 billion bailout."  - George Will

Simply allowing G.M. and Chrysler to declare bankruptcy would've allowed them to restructure their truly godawful union arrangments, rework their deals with suppliers, and would've let them make the multitudes of changes necessary to compete in a world that's changing every day. 

That was politically impossible. 

But somehow, some way, our investor in chief likes to declare that G.M. is "roaring back". 



Invisible Backhand said...

Cat got your tongue?

The Whited Sepulchre said...

Nope. Been busy at work. How you been, IB?
How has Recovery Summer 3.0 been treating you??