09/03: Should GM Be Allowed to Fail?
Category: The Economy
Posted by: an okie gardener
Story, link from Drudge.
March 8 (Bloomberg) -- Republican lawmakers said Congress should stop providing General Motors Corp. with federal aid and let the company file for bankruptcy if necessary.
“The best thing that could probably happen to General Motors, in my view, is they go into Chapter 11,” Senator John McCain said on the “Fox News Sunday” program today.
Of course, going into Chapter 11 does not mean ultimate failure. But, in the present political climate, it seems that we are assuming the Federal Government will decide whether or not the automaker fails or succeeds. That is not a good assumption for the long-term health of the economy.
The first family car I remember was the De Soto that my dad had before he married mom. Don't see too many on the road today.
If I remember correctly, the first car I can remember my maternal grandparents driving was a Studebaker. I don't know when I've seen one on the road.
The pastor during my boyhood drove an American Motors Rambler. I did see one the other day.
Until I was a young man, I saw several International Harvestor pick-ups in daily use, and the occasional IH Scout. I am not sure our younger readers even know what a Scout is.
American business has operated in a Darwinian world. In such an environment some species will become extinct. Others will prosper. In a government-controlled economy, the peasants drive Trabants.
March 8 (Bloomberg) -- Republican lawmakers said Congress should stop providing General Motors Corp. with federal aid and let the company file for bankruptcy if necessary.
“The best thing that could probably happen to General Motors, in my view, is they go into Chapter 11,” Senator John McCain said on the “Fox News Sunday” program today.
Of course, going into Chapter 11 does not mean ultimate failure. But, in the present political climate, it seems that we are assuming the Federal Government will decide whether or not the automaker fails or succeeds. That is not a good assumption for the long-term health of the economy.
The first family car I remember was the De Soto that my dad had before he married mom. Don't see too many on the road today.
If I remember correctly, the first car I can remember my maternal grandparents driving was a Studebaker. I don't know when I've seen one on the road.
The pastor during my boyhood drove an American Motors Rambler. I did see one the other day.
Until I was a young man, I saw several International Harvestor pick-ups in daily use, and the occasional IH Scout. I am not sure our younger readers even know what a Scout is.
American business has operated in a Darwinian world. In such an environment some species will become extinct. Others will prosper. In a government-controlled economy, the peasants drive Trabants.
A Waco Farmer wrote: