Cowritten with Leonard Greenhalgh
Chrysler has been forced into bankruptcy and GM is next in line. At the same time, many banks recently failed the "stress test" and, after already receiving tens of billions in bailout funds, will require billions of dollars in additional capital to remain solvent. We are stimulating banks, top-down; but eliminating auto and manufacturing industries, bottom-up.
Each week, new shock waves are being sent through our economic system: Chrysler announced it will shutter 25...
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