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Rather then a bailout and recognizing the devastating effect of bankruptcy, what about the government buying GM?
Do what Renault did in the mid 80s. With a deficit over $12b, the French government took control, put in a new chairman, sold non-core assets, closed all racing programs, did layoffs, and within 3 years they were profitable. Not saying it'd go the exact same way, but that would solve some of the issues.
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