Have we thought out the implication of giving a massive federal bailout to General Motors, Ford and Chrysler?
This country is one the verge of nationalizing an industry that has helped make this country great. Now it's running out of money and the federal government wants to pay their bills.
My town, Lansing, has been hurt by the auto makers' troubles and will hurt more if they go bankrupt.
Will nationalizing the auto industry, making government a business partner, help them or hurt them? The Wall Street Journal this morning has a suggestion which, in my opinion needs to be discussed:
If our politicians can't avoid throwing taxpayer cash at Detroit, then they should at least do so in a way that really protects taxpayers. That means handing a receiver the power to replace current management, zero out current shareholders, and especially to rewrite labor and other contracts. Anything less is merely a payoff to Michigan
politicians and their union allies.
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