Simple argument against automaker bailout
Over at Volokh Conspiracy. Why didn’t anyone in Congress advance this argument?
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An excellent article as far as it goes, it makes the mistake of assuming that politicians in Washington, a; could ever understand any of this, or b; care at all, one way or the other. Even if they did understand it, they’d laugh at it as a silly little side-issue– a distraction.
What’s going on under our noses in the light of day is that Washington is taking control of yet another American industry. This “crisis” as all others (real or imagined) is an opportunity for them. These “bailouts” will come with very strict requirements, i.e. control. It’s all about the “C” word.
They’ll use this “bailout” to get what they’ve been harping for over the last 40+ years: Restrictions on CEO pay and benefits, more say in the types of cars produced and more say in the day-to-day operations of the plants, while pandering to big union (read Democrat supporting) interests. It’s all win-win for the politicians. This is their early Christmas, and no silly talk about jobs or about “society’s capital” is going to matter a whit. It’s not even an issue.
All this to say nothing of the precedents being set, to be expanded upon in the future.
Lyle
20 November 2008 at 19:04