The automotive bailout saga continues. According to anonymous sources, General Motors (GM) has been instructed by the Barack Obama (D) administration to prepare itself for Chapter 11 bankruptcy. Of course, us free-market guys (apparently a dying breed) were telling GM to do that back in October when they first came begging to mommy government to bail them out . . . and in November . . . and in December . . . and in February . . . and in March. I’m glad that the ‘powers that be’ finally got the message. Through the George W. Bush (R) bailout bonanza, and Obama’s continuance of the same idiotic economic policies, some of us have stood firm against ‘saving’ companies that have brought failure upon themselves.
Well, better six-months-late than never, but how many billions of tax dollars have we wasted keeping GM on life-support and prolonging the inevitable? For how many decades will we and our children and our grandchildren be making payments against this insanity? How much inflation and instability has this period of exorbitant federal spending already lined us up for, and how much more is yet to come?
Bush set us down a road to socialism with his first bailout, and whether Obama brands his nearly-identical economic policies as ‘stimulus’ or ‘recovery’ he’s just continued down the same path so far. Candidate of ‘change’ indeed. Allowing GM to [finally!] go into Chapter 11 instead of sucking billions upon billions of your and my money into a black hole would be a welcome change of pace, even if it’s six months late.