— I wonder how this game will change tomorrow. If the government proves willing to push Chrysler into bankruptcy, the GM bondholders may realize their bluff has been called. If Chrysler avoids bankruptcy, the sheer unlikelihood of it all will harden the GM bondholders’ resolve. On the other hand, if the Chrysler bankruptcy doesn’t go smoothly (it won’t), the GM bondholders can hold out for more, knowing the consequences of a GM bankruptcy are politically toxic. At that point, watch the government decide that nationalization is perfectly acceptable.
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