Obama to Take Credit for Auto Revival
“President Barack Obama heads to Michigan today to tout the revival of the auto industry after his administration controversially bailed out General Motors and Chrysler last year using tens of billions of taxpayer dollars.” (ABC News, Friday)
Touting the abuse of taxpayers, the waste of precious resources, and the politicization of bankruptcy?
FEE Timely Classic
“Political Bankruptcies: How Chrysler and GM Have Changed the Rules of the Game” by Richard A. Epstein
Comment by Mark Sofman on 30 July 2010:
This must be true, Stephen Pearlstein in the WaPo said as much in his column today.
Comment by Ned Netterville on 31 July 2010:
Yeah, well I suppose Carter still brags about “saving Chrysler” with a government bailout (loan) in 1979, and Reagan, if he were still with us, would brag about “saving Harley Davidson” in the early 1980s. Reagan’s bailed out Harley by initiated onerous tariffs on imported motorcycles rather than directly lending it money, which may have been worse from the standpoint of damaging the free market. Of course not one of these presidents ever dares look at the terrible price the people of America pay for their “saving” adventures.