Stocks Pop as Chrysler Goes Bust, Are Free Markets Back?
Tobin Smith: Republicans are turning over in their graves right now because President Obama, a liberal Democrat, put Chrysler’s feet to the fire. But this was more than just about Chrysler—this is about teeing up the ball for GM and playing hardball with the UAW. Finally, I think the government is allowing the market to work a bit by allowing Chrysler to go into bankruptcy. Eric Bolling: The government is going to get a major $14 billion stake in Chrysler, not to mention owning a major piece of GM. My question is what’s going to happen to all those UAW workers on the Ford assembly lines? They could start making cars they don’t want to buy. I think we could see all three major auto companies go into chapter seven, not Chapter 11. Pat Dorsey: I hope this is a warm up act for GM. General Motors has been on its last legs for six or seven years now. It needs to be a much smaller company with fewer employees. It’s the only way it can survive in the future. I think this shows the government c
