Summary_1 wallstreet

Summary_1 wallstreet - Cabaniss 1 Langston Cabaniss Professor Clark Macroeconomics 9 June 2011 The Real Cost of Auto Bailouts Summary In this

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Cabaniss 1 Langston Cabaniss Professor Clark Macroeconomics 9 June 2011 “The Real Cost of Auto Bailouts” Summary In this article in “The Wall Street Journal,” David Steel, a professor of law at the University of Pennsylvania, goes into detail on the decision making of the auto bailouts in 2008 and has a very arrogant opinion. The article starts off describing President Barack Obama’s visit to a Chrysler plant on Friday and exclaimed, “The industry is back on its feet, repaying its debt (and) gaining ground.” It is then said that if the government had not “stepped in and dictated terms of the restricting” (Steel 1), that both Chrysler and GM would have collapsed. This is what many Americans believe, and this is why there wasn’t total chaos when the $17 billion dollar plan was passed. Steel states that this is inaccurate and that GM would have been able to survive a bankruptcy, and that Chryslers strongest division, the jeep, would have made it as well, perhaps not the rest of the company though. Steel then goes onto to lecture on how the return ratio on these bailouts is going to hurt the
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This note was uploaded on 09/01/2011 for the course ECON 2023 taught by Professor Unknown during the Summer '05 term at Arkansas.

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Summary_1 wallstreet - Cabaniss 1 Langston Cabaniss Professor Clark Macroeconomics 9 June 2011 The Real Cost of Auto Bailouts Summary In this

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