I’m a confirmed, committed capitalist but the 17.4 billion dollar bailout of Detroit is not capitalism at all — it’s corporate socialism, or you could call it Union Welfare as well. This is sickening beyond belief so I will reprint the new Chrysler/GM/Ford ad, h/t Virginia Postrel:
Update: the Term sheet for GM bailout. (.PDF link)
Update: Ford is not getting bailed out, hat’s off to them, and perhaps my next car purchase will be a Ford, although that’s sacrilege in this family.
The Brave Chinese sailors who fought off pirates now tell the story, with words and pictures. They sealed off the crew section and fought the pirates with Molotovs from the ships decks as they boarded. Full story and more pictures here at Mail Online.
Bent down low to avoid being shot, this Chinese sailor lights a Molotov cocktail before throwing it overboard at Somali pirates.
Lined up before him are dozens of others he and his shipmates prepared in order to fight off the attackers as they boarded their ship in the Gulf of Aden.
The Zhenhua 4 cargo ship had earlier sent out a distress call as it realised it was being chased by pirates in speedboats armed with heavy machine guns and rocket launchers