Posted by
Andrews on Friday, May 01, 2009 3:42:25 PM
What inspired John Dingell to call investors in Chrysler "vultures"? Do he and Obama not realize that, not the unions but private investors will save the auto makers? And if the government offers nothing but a few cents on the dollar to investors when 'restructuring" Chrysler, that is giving 55% away to the UAW, then future government bailouts will have to be 100% taxpayer funded, as the private investors will avoid them like the plague. Actually, for all that, why didbn't the government just let Chrysler go to bankruptcy int he first place, rather than offering government money and restructuring plans and forced mergers? Wouldn't that have mad emore sense, cost less, and still achieved the same goals?
In short, isn't Obama simply finding the most clumsy and costly way to end up in bankruptcy court anyway? How is this an improvement on the free market?
POSTSCRIPT
There are two good WSJ opinion pieces on this very topic,
here and
here. While not as critical as the WSJ often is, they present a much clearer picture of all the needless meddling than most mainstram coverage.