WASHINGTON (AP) -- The Bush administration is convinced the ailing economy could not withstand the demise of Detroit's Big Three and is looking at "orderly" bankruptcy to keep the automakers from collapsing. A White House decision on helping the industry could come as early as Friday -- none too soon for carmakers suffering from their slowest sales in 26 years and dwindling operating cash. Bush administration officials were reviewing several approaches to assisting the automakers, including short-term loans from the Treasury Department's $700 billion Wall Street rescue program. But Treasury Secretary Henry Paulson told a business forum in New York on Thursday night that while bankruptcy for the automakers should be averted if possible, an "orderly" reorganization might be the best solution. "If the right outcome is reorganization or bankruptcy, then isn't it better to get there through an orderly process?" Paulson asked. http://finance.yahoo.com/news/Paulson-Orderly-auto-apf-13875653.html Maybe an "orderly" bankruptcy of the banking system, too ?
The Bush administration is convinced the ailing economy could not withstand the demise of Detroit's Big Three and is looking at "orderly" bankruptcy to keep the automakers from collapsing. Oxymoron..