Archive for big three bailout

George Bush Confirms He’s Anti-Capitalism

Posted in Uncategorized with tags , , , , , , on December 19, 2008 by enemyoftyranny

He almost had me fooled yesterday.  I mean, the news I saw yesterday and last night all pointed to “orderly bankruptcy”, whatever that is.  Even though that was still sort of a mystery, I was hopeful that Bush would do the right thing and let the Big Three fail, even though I knew he would be meddling to some extent.  But today, Bush proved he’s against free markets.  I think the core issue here is that he’s letting fear rule his decision making process.  Instead of letting things happen that need to happen (or else these conditions wouldn’t exist), he’s preventing what needs to happen and ensuring that the industry will continue to lag behind the competition.  The “Below the Beltway” blog quotes Peter Schiff:

“As usual, both sides have it wrong. The government should let the Big Three fail not because we no longer need an auto industry, but because we desperately do. What we do not need is the bloated, inefficient auto industry that we have today. By allowing the Big Three to fail, their capacity will be turned over to new owners who will be able to acquire the means of production at fire sale prices and hire workers at globally competitive wages. The result will be a more efficient auto industry making cars that people around the world actually want to buy at prices they can afford. Such auto makers could conceivably be profitable and could become the cornerstone of a manufacturing renaissance in the United States. In contrast, Ford, Chrysler and GM are never ending money pits that threaten to swallow a good deal of our economy.”

Why isn’t Peter Schiff our Treasury Secretary?