In 2009, the internet was full of photos of rows upon rows of unsold Hummers. Crude Oil had peaked in July 2008 at $147 a barrel. Apparently GM management believed in super sizing the car. Now Detroit is going to transform debt into equity. There are 2 ways. Pay it all back to the lenders, bond holders and claimants over time or do what Iceland did in 2008 and default. Since 1980, Argentina has defaulted three times on its domestic debt. More at www.chpc.biz
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