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Economist Calls Potential Detroit Bailout a Bad Idea

The man who headed the 2009 Obama administration‘s bailout of the U.S. auto industry says the federal government should step in with taxpayer money and give Detroit a boost.

On July 19, Steven Rattner wrote a column in the New York Times calling for U.S. taxpayers to bail out Detroit.

But a respected economist and former senior vice president at Detroit-founded Comerica Bank says in the bluntest of terms that it would be a big mistake and even if a bailout came to pass, Rattner is the wrong man to lead it.

“Rattner’s nothing but a paid hack,” said David Littmann, who retired from Comerica and now is senior economist at the Mackinac Center, a free-market think tank in Michigan.

Source: New Mexico Watchdog. Read full article. (link)

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  • Sevo||

    “Rattner’s nothing but a paid hack,”

    Well, yeah. He was part of the Obozo court.

  • Killazontherun||

    The most interesting sentence in that report,

    Lawyer Tom Lauria represented the Oppenheimer Funds and Stairway Capital hedge funds and claimed, “One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight.”

  • Scarecrow Repair||

    I hadn't realized that Rattner was the genius behind the government's strongarming of the GM bankruptcy. A hack indeed.