The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
For months, we libertarians have been saying to let GM go bankrupt. The lefties called us crazy and talked about all the jobs that will be lost. Somehow, I doubt they will attack President Obama with the same level of anger, if at all. In the mean time, the taxpayers could have saved tens of billions of dollars had we let them go bankrupt.