We now also know, as a matter of historical Harry Reid factoid, that the federal government bailout of GM and Chrysler saved Ford:
Reid is more wrong than his faux pas reflects.
Reid doesn't seem to understand that there was an alternative to the federal government bailout which could have achieved a better result without running roughshod over the legal process by having the government twist the arms of creditors and bond holders in the name of salvaging union power.
That process is called Chapter 11, and it has been used to rescue numerous industries in a manner which allowed companies to emerge stronger and more competitive, without a federal government bailout.
Harry Reid needs to learn that there are answers to problems which do not involve federal government spending. Perhaps the voters of Nevada can educate him in November.
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As a GM bondholder I am less than happy the bankruptcy courts were not allowed to function properly. It's too bad that as a class, the GM bond holders can't sue the unions for unduly using political influence to put themselves in a preferred creditor status when they had no such status in a normal bankruptcy filling.
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