As usual Peter Schiff jumps right in tells everyone why GM should be allowed to fail.
Of all the company failures that have been talked about in the past few months the collapse of the auto industry hits home for me the most. Here in Kansas City GM is one of the largest employers. People move here from all over the country to work at our GM plant.
The collapse of the big 3 auto companies would mean that millions of people from plant employees to salesman at the dealerships would suddenly be jobless.
Yet I still agree with Peter even though this would be a painful process it makes more sense in the long term to let this failing companies fail. Why should we prop up a failing business?