I am positively gobsmacked by the thought that the government will own 60% of the stock in General Motors. In the world of corporations, that means one thing — control. Beyond the basic issue of the assault on the free market system, the practical problems that will result from this insanity are enormous.
For instance, consider that the government will “simultaneously serve as the company’s regulator, tax collector, customer, pension backstop and lender.” Chew on that for a minute. The government will be issuing regulations to which it will be bound, selling itself cars, lending itself money and auditing its own tax return. In addition, how would you like to be Ford, Honda or Toyota having to compete with the United States Government?
If all that doesn’t give you a case of the hot squirts, consider that the dismantling of this gargantuan corporation was engineered by a 31-year old guy who dropped out of law school to take the White House gig and whose connection with the automobile industry up until a few months ago consisted of having a driver’s license.
I sure hope that at some point the American people begin paying attention.