Posted Monday, May 25, 2009 11:51 PM | Contributed by ridemcoaster
Barack Obama was standing on a riser inside a warehouse, delivering an inspirational speech about the blessings of freedom, when his left index finger began to twitch uncontrollably, unnerving his aides. It was an audio-animatronic representation of the president, as imagined by the Walt Disney Company, and assembled with the direct involvement of the White House staff — and of Mr. Obama himself. The president supplied not just his measurements, but he also recorded that speech (which was initially drafted by a Disney writer) — and yet another recitation of the oath of office, this one in Disney high-definition sound.
Read more and see photos from The New York Times.
Yeah, we may not know for a fact what would've happened had there not been bailouts, but its not like we don't have numerous, very well-informed opinions on the matter. By all accounts, the bailouts were the right way to go, fiscally speaking.
Fiscally speaking it was the right way to go by borrowing and printing more money to prolong the inevitable? I'm sorry I don't buy that at all.
Isn't that a straw man argument? Yes, yes it is.
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We gave GM and Chrysler an additional 6 months before they ended up filing bankruptcy anyways.
But during that six months, most of the creditors fell in line, and made the actual proceedings for Chrysler neck-snapping quick---well, except for the Indiana state retirement fund. Somehow, they didn't get the memo. ;)
But at the same time, the issue now is that the government could possibly begin to dictate what kind of cars to make, regardless of whether or not people want to buy them. Will it happen? Time will tell...
From the point of view of a true free-marketeer, the government has the most significant of all possible motivations not to do this. Namely, profit. GM isn't being taken "private". It will remain a publicly traded company. For the government to recover any of its "investment" it needs those shares to trade at an astoundingly high market cap. Trying to change the market by changing the product line of only one of many competitors away from what people want to buy only means failure for that competitor.
No, the government has many better ways of changing the buying behavior---namely, regulatory. And they've already exercised it in the recent CAFE announcement. Buying GM is mox nix.
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