Voice Of Dissent: U-Md.'s Morici vs. Autos Bailout
"I am the sole panelist to speak out against the bailout," began Prof. Peter Morici, a University of Maryland economist testifying before the Senate Banking committee hearing on the auto bailout currently underway on the Hill.
Morici wants the companies to go into Chapter 11 -- which they oppose, saying they can't sell cars in bankruptcy -- because, Morici says, they would still be in business, would sort out their affairs under the protection of the court and because "they are more valuable to their creditors operating than when shuttered."
"If you give them $25 billion this month," Morici said, "they will be back."
-- Frank Ahrens
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