Jun 11, 2009 -
Once You Pop...
Here's the problem with opening the can of worms when you throw money at a failing company. Where do you stop?
June 10 (Bloomberg) -- General Motors Corp. and Chrysler LLC aid from taxpayers “begs the question” of how the government will avoid having to supply more money in the future, Senator Banking Committee Chairman Chris Dodd said today.
“We should be concerned lest GM become kind of an economic Vietnam, where the federal government throws good money after bad, year after year, in a vain quest for victory,” Dodd, a Connecticut Democrat, said today at a committee hearing on automotive restructuring, quoting from an essay by Richard Posner in the Atlantic Monthly.
An economic Vietnam... catchy phraseology!
Read the entire article at bloomberg.com
