You guys might think that I have way too much time on my hands. Maybe I do. But I'm convinced that there are way too few people really thinking about the impact that an "unmanaged bankruptcy" of GM would have on the country and our economy.

Here's another idea that I think has a lot of merit. One of the suggestions I like best is that a commercial bank be appointed to make the credit decision and manage the loan instead of anyone in the government getting involved. That has the advantage of keeping the politics out of the decision to either make the loan, or a subsequent decision to call the loan and force GM into liquidation. I'm sure the politicians would like to be relieved of that responsibility, as well.

A Bankruptcy to Save GM
By Joshua Rauh and Luigi Zingales,
The University of Chicago Business School

An op-ed suggesting that bankruptcy - not a bailout - is the best way to save General Motors was published in the Chicago Tribune on November 23 by Joshua Rauh, Associate Professor of Finance and Charles M. Harper Faculty Fellow, and Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance. Read the Chicago Tribune article by clicking on the following URL.

http://ucgsb.convio.net/site/R?i=qVOEkkGB3IPRfaCct25iPg..

Read the full piece from the authors (in PDF format) by clicking on this URL

http://ucgsb.convio.net/site/R?i=Y8ktt66whbXZ_A8Gl0UumA..