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.