Over at the Corner, all sorts of gruesome numbers regarding the woes of the Big Three, and the question I have to keep asking is why bail them out? I really do not understand how sending tens of billions on top of the 25 billion in loans to companies that have hundreds of billions od debt and could be bought for less than ten billion is a good idea or one that will work. Furthermore, why are companies that are losing billions and have even more in debt worth anything at all? Is the value of the company only the hard assets they hold? Would you not be obligated to purchase their debts when you purchase their assets?
Again, you are dealing with a moron when you try to answer these questions.