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[0] HEARING OF THE COMMERCIAL AND ADMINISTRATIVE LAW SUBCOMMITTEE OF THE HOUSE JUDICIARY COMMITTEE SUBJECT: RAMIFICATIONS OF AUTO INDUSTRY BANKRUPTCIES, PART II CHAIRED BY: REPRESENTATIVE STEVE COHEN (D-TN) WITNESS: RON BLOOM, SENIOR ADVISER, DEPARTMENT OF THE TREASURY LOCATION: 2141 RAYBURN HOUSE OFFICE BUILDING, WASHINGTON, D.C. TIME: 11:00 A.M. EDT DATE: TUESDAY, JULY 21, 2009 (Part 17).

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But let me just go on the record and predict that the market share between Chrysler, Ford and GM, as it was prior to all of this, is going to be dramatically different in the future because the American people are going to not think that government is better at building cars than Detroit was. In fact, a lot of Detroit's problems were because of government policy in a great deal. They told them how to build cars in the first place.

But time will tell that. There is two kinds of people that predict future, and those -- that's those who don't know and those who don't know they don't know. So I understand that I can't, but I'm going to go on record in making a prediction anyway. And to suggest that the only ideal -- only possible alternative was liquidation I think it flies in the face of history. A lot of the major car companies that we had, including I think two out of the three big ones that we have now, were at one time in a crisis situation, and private sector came in and did something. And they survived. The private sector always makes these decisions better than government.

And if we take it in reverse, look what happened when...

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