House Speaker Nancy Pelosi came out in support of General Motors on the “too big to fail” side, and it paid off — Bloomberg is reporting that GM rose in New York trading today. From the article:
“It’s truly one of those companies that’s too big to fail, and everybody understands that,” said Nariman Behravesh, chief economist at IHS Global Insight Inc. in Lexington, Massachusetts. “If it does collapse, it could make the recession deeper and longer.”
Incidentally, Nariman Behravesh was on Marketplace last week talking about what he thought were top priorities for the economic bailout. The auto industry wasn’t one of them.
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