Commentary: U.S. must take out financial "zombies"

02/11/2009 | Forbes

"If major players in our economy are bankrupt, then it is time for the government to become the debtor in possession in an orderly ... restructuring of Citi, Bank of America, General Motors, Chrysler ... Better that than a decade or more of lost growth and lost opportunity," writes Thomas F. Cooley, an economics professor at New York University. This route consumes less money and political capital than propping up "zombies" with more taxpayer money, he writes.

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