“You don’t need banks and bondholders to make cars.”

Professor Bainbridge has an item up referring to a Wall Street Journal article in which an Obama Administration official is quoted as saying:

“You don’t need banks and bondholders to make cars.”

Really? I suppose s/he has an excuse for thinking in these terms, given who s/he works for. Who needs banks or bondholders when you can take the capital you need from the taxpayer?

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