A Bridge Loan too Far

If the President had fired Ron Gettelfinger along with GM CEO Rick Wagoner, he would at least have been intellectually honest. Instead, he hoisted Wagoner's head on the pike (with a $20 million dollar parachute), while preserving the UAW as an innocent in the demise of GM. Us old free marketeers have been calling for CH 11 for GM for a year, yet successive Administrations have kept them on life support with the net result being loan defaults and layoffs culminating in de-facto bankruptcy anyways. Chrysler will be forced into a shotgun marriage with Fiat (financed by our own fiat currency). Ford may actually get their dream of a $2 dollar a gallon gas tax to force consumers to buy their high mileage cars. Depressed yet? And still, with all this federal intervention, the markets will have their way; the weak will fail, the strong will survive. The disciples of Keynes are ruling the day for now, but Smith and Friedman will still prevail in the end.