Filed Under (Debunking) by Ben Grivno on 31-03-2009
Yes, Kevin Drum contemptuously dismisses the market reaction to Obama trap-dooring GM’s CEO and forcing Chrysler to merge with foreign car maker Fiat:
As for the news that the stock market plunged on the news, spare me. Investors are idiots if they think this is bad news. A tougher restructuring plan is better in the long run for everyone but the auto industry’s bondholders, and I’ll bet that even most of them have either hedged their positions or else sold off their holdings at 70 cents on the dollar to speculators. Save your tears for someone else.Drum has nothing but contempt for those who dare to exercise a choice contrary his Better Judgement. He regurgitates the idea that restructuring is “better.. for everyone” but bondholders. Yeah, restructuring has worked so well. Amazing.
