Sunday, November 22, 2009

Driving in the Wrong Direction: The Sordid Details and Lasting Consequences of the Bush/Obama Auto Industry Intervention | Cato Institute: Policy Foru

According to their own interpretation of events, the Bush and then Obama administrations rescued the entire U.S. auto industry from imminent disaster and total failure. But in fact, a potential collapse only threatened General Motors and Chrysler, whose years of bad decision-making had finally caught up with them. Pouring cash into these two corporate clunkers may have "saved" them, for now, but in the process other companies were penalized, laws were circumvented, property rights were trampled, and America's tradition of free enterprise was badly damaged.

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