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...around the world here in Hong Kong, a phrase comes to mind that used to be commonly heard in Asia: "Too big to fail." There was a time when politicians, bankers and bureaucrats in Asian countries thought that certain large enterprises were simply too important to go bankrupt, no matter how miserable their performance. The resulting unemployment would be unacceptable, the impact on the financial sector and economic growth too great. That, in effect, is the same argument being used today by supporters of a government rescue for the cash-burning U.S. auto industry. The consequences of allowing a manufacturing...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...hard to argue that the Korean economy was better off with Daewoo out of the way. The persistence of the belief that Daewoo and the other giant Korean conglomerates were too big to fail led many bankers and bond investors to toss billions at them no matter how loony their business plans or unprofitable their projects. Money was wasted in unproductive ways. Once the too-big-to-fail perception was finally dispelled and the large conglomerates were no longer considered the safest investments, bankers and investors, looking for new opportunities, more readily financed small firms, entrepreneurs and consumers...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...calling GM and Chrysler zombies. Nor am I predicting that the U.S. economy will glide effortlessly through a crisis at the Big Three. But history tells us that no firm is completely indispensable to a national economy, no matter how much of an institution it appears to be. Nor do firms need to be preserved in exactly the form in which we all know them. Any time a giant, money-losing corporation fails, the results are ugly. But the outcome may still look better than a zombie...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...elect Barack Obama has been a reliable supporter of biofuels, so it's no surprise that former Iowa governor Tom Vilsack, his choice for Agriculture Secretary, has been an even more reliable supporter of biofuels, even chairing a national coalition on ethanol (ethyl alcohol, a fuel distilled from plant matter). "As governor of one of our most abundant farm states, he led with vision," Obama said of Vilsack on Wednesday, "fostering an agricultural economy of the future that not only grows the food we eat but the energy...

Author: /time Magazine | Title: Vilsack: Some Hard Choices on Ethanol | 12/18/2008 | See Source »

...dire, in fact, that winning is often a matter of perception for Genson, who uses a scooter and cane to ease the pain of walking due to a neuromuscular disorder. After all, he frequently goes up against government offices with conviction rates well above 90%, and he rarely negotiates plea agreements. Even if he loses, however, Genson will call it a win if the sentence is less than the government was seeking, if some of the often long list of counts are dismissed, or even if he gets the right prison for his client...

Author: /time Magazine | Title: Blagojevich's Lawyer: Taking the 'Unwinnable' Cases | 12/18/2008 | See Source »

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