Meawhile, on Wall Street...https://www.barrons.com/articles/pg-e-stock-slumps-after-judge-rules-bondholders-can-propose-bankruptcy-plan-51570711538 …
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If the state took over PG&E, taxpayers would be fully on the hook for all wildfire liability w/no protection via bankruptcy. It would be the epitome of lemon socialism - transferring a loss-making business from private to public sector and forcing the govt to incur those losses.
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I like this point except for the phrase "lemon socialism" since we entrust the government to provide public goods, which are often financially unviable in private markets.
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