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Should the Government Bail Out the Auto Industry?

Economist's View found this 11/3/2008 on baselinescenario.com

Over in the real economy, perhaps the biggest story is the impending and highly likely merger of GM and Chrysler, in which GM would swap its 49% stake in GMAC, its consumer finance company, to Cerberus (which owns the other 51%), in exchange for Chrysler, which is currently owned by Cerberus. ...