“So we must provide a bailout because a GM bankruptcy would make the US auto industry evaporate. Just like airline bankruptcies wiped out air travel in the U.S.
Younger readers may not remember the time before the airline bankruptcies, when anyone could go to an airport, get on a big powerful jetliner, and travel anywhere in the world in a matter of hours. The skies were filled with those jets, taking millions of people hither and yon at great speed and convenience.
Of course, that’s all gone now. Since the airline bankruptcies it’s become a quieter world, with only the occasional military aircraft visible in the skies. Our horizons have narrowed considerably, limited as we are to slow cross-country travel by automobile, and on ships to different continents. Sadly, soon the cars will go away also, and we’ll return to duller lives in which most people never travel more than 20 miles beyond their home village.
Too bad the government doesn’t create a process by which companies that can’t pay their bills could get temporary protection from creditors, contingent on their fixing the problems that got them in trouble in the first place. I suppose federal courts could oversee the process. It would allow those companies to actually come out not just with clean balance sheets, but better able to compete in their markets. Ah well – maybe in the old days our government would have been able a create a common-sense process like that, but of course those days have passed.
Oh, wait a minute . . .”