alt Hacker News> If they haven't saved any money, and can't bail themselves out, they deserve bankruptcy
Agree.
What we need is a revocation of the Exchange Stabilisation Fund [1] as well as hard limits on the Defense Production Act’s Title III [2] and whatever the fuck in the CHIPS Act let the President unilaterally invest taxpayer funds in Intel.
This announcement of a non-binding resolution does none of that. It’s pure puffery.
And in case anyone thinks this is hateful or harsh, remember: bankruptcy doesn’t mean we space laser these companies. Shareholders get wiped. Creditors take over. Services probably keep getting rendered, GPUs probably keep running.
[1] https://en.wikipedia.org/wiki/Exchange_Stabilization_Fund
[2] https://www.govinfo.gov/content/pkg/COMPS-8323/pdf/COMPS-832...
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We should have let the auto industry fail in 2008 too. The factories and IP still would be there for more innovative entrepreneurs to buy and make use of. Instead we have 3 legacy companies that can't even deliver an EV to compete with Tesla after 15 years of pretending to try.
"It's pure puffery"
How exactly are House Democrats supposed to revoke the Exchange Stabilization Fund or change the Defense Production Act when they don't have a majority in the House? All they can do is signal what they intend to do if they regain the majority.