Thursday, April 30, 2009

Or maybe Gettelfinger Motors

The WSJ today has a stinging editorial on the federal government's takeover of General Motors and Chrysler, and their reorganization at the expense of the creditors. To me, who drives a stripped-down Honda Accord and who owns no securities in either company, it just seemed another bit of Washington folly. The Journal editors, by contrast, are tasked with worrying about the larger economy, and they don't find the takeover at all amusing. They envision Ron Gettelfinger of the United Auto Workers as sitting on both sides of the negotiating table from now on, so that both companies will now be run for the benefit of their blue-collar employees, with the Treasury and the US Congress as their enablers, making sure that Americans are forced to buy a sufficient quantity of their shoddy automobiles. We'll be buying fleets of them for the federal government motor pools, if nothing else. Oh, and wait for the tax incentives! Blue skies! -- Dan Ford


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