Saturday, October 31, 2009
Throwing good money after bad: Obama bails out GMAC again
The Central Committee of the Obama Revolution has announced that it is bailing out GMAC for the third time. Funny how all those people who have preached to us for years about the evils of corporate welfare are out in force defending the Obama administration's decision.
Oh, and then there's all that rhetoric about Republicans being the part of big corporations. Yet the only businesses getting bailouts are the big ones. The little guys are bing hung out to dry.
Oh, and then there's all that rhetoric about Republicans being the part of big corporations. Yet the only businesses getting bailouts are the big ones. The little guys are bing hung out to dry.
Labels: economics
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The point of bailing out big corporations is not economic. It's political. If you look at the bailouts of GM and Chrysler as payback for union support, it makes perfect sense. If you see it as an attempt to rehabilitate failed companies, you're doomed to eternal confusion.
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