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.
Bush overextended his power. This is antiConstitutional. For the first time in his administration, he opponents may have ground for impeachment.
I’m unemployed, worried about losing my home to foreclosure, and desperate for any government stimulus to the economy. And even I want to see the Detroit auto companies go bankrupt. The unholy alliance of mediocrity between the auto executives and the UAW has been a drag on the economy for decades. Buying a car is a major family purchase, both financially and safety-wise, and the American public has spoken loud and clear: we don’t want your inferior cars. I hope Obama doesn’t pour money into Detroit, the way Bush poured money into Iraq. There are some things that even trillions of taxpayer dollars can’t fix; Iraq and GM both qualify.