Monday, November 17, 2008

It Doesn't Happen Every Day...

....that I agree with something at NRO's The Corner. So let's celebrate the occasion. Here's Jim Manzi:

....I still wouldn’t want a bailout in the form of loans to the current owners of the Big 3. It would be far preferable for federal funding to be used as DIP financing for a pre-packaged Chapter 11 bankruptcy. That is, I would use the money to finance an orderly transition of ownership under a Chapter 11 bankruptcy rather than a Chapter 7 bankruptcy. Shockingly, you won’t find the lobbying and PR arms of automakers and the UAW making this argument.

The same point had already been made at Economics Of Contempt.

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