Quick thought on an auto bailout
November 14, 2008 – 7:47 am by JohnAnother inflation-powered bailout of nearly an entire industry, this time U.S. automakers, is imminent. It is practically a certainty by this point. I’m not sure whether the Bush or Obama administrations will do it, but it doesn’t matter.
How is a $50 billion bailout of these behemoth failures different from taking some significant portion of every American’s income and forcing them to buy a car with it? Or a portion of a car? At least, if they made us spend $1000 or $5000 each on a car, we might be out some much needed cash but at least we’d have a new car to show for it! Simply taking money from everyone and giving it to a company that is going to go bankrupt anyway is an immoral, destructive wealth transfer of the worst kind.
2 Responses to “Quick thought on an auto bailout”
Good point. If they are going to rob me at least give me one of your crappy cars!
By Azrael on Nov 14, 2008