The GM bailout is no different. How much did GM restructure itself so that it was much leaner and more efficient after the bailout. Bankruptcy would have forced this to happen.
I see the financial gurus on FOX aren’t wasting any time calling for a bailout. The thing is that the creditors kept loaning money long after it became apparent that the city couldn’t pay up and they knew that eventually the taxpayers would be forced to foot the bill. Refusing to bail them out will shake the confidence of the creditors who are letting other cities build up unsustainable debt.
As a Michigan resident I say hell no to bailouts.