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Showing posts from November 20, 2008

Good for GM = good for USA?

Business Times - 21 Nov 2008

A poll shows lots of Americans seem to think so - but saving the Big Three US automakers isn't so straightforward

By LEON HADAR
WASHINGTON CORRESPONDENT

THE option chosen by the Bush administration of providing emergency assistance of US$700 billion to Wall Street in the aftermath of the collapse of Lehman Brothers and other financial institutions was compared at one time to the decision to invade Afghanistan and to oust the Taleban regime and destroy the power base of Al-Qaeda that had masterminded the 9/11 terrorist attacks: a costly but right response to what was perceived to be a clear and present danger.

Indeed, with the exception of ideologues on the political left and right, most members of Congress and the media ended up approving both the war in Afghanistan and the Wall Street bailout plan. The expectation in Washington was that then defence secretary Donald Rumsfeld would help win the war by capturing and punishing Osama bin Laden and his top …