The Bailout Crime

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There are many reasons to oppose the bailout of the Medium 3, but what about the fact that GM, for example, is losing almost $4,000 on each car it sells? In other words, it is an engine of wealth destruction. There is a market end to such conduct, of course. But if it is shortcircuited by the feds, with a bailout and central planning by some Pelosi-appointed car czar like Volcker, the loss per car can only rise, in imitation of everything governmental. This would be a criminal act, and thus perfectly suited to the denizens of Parasite Hill.

3:55 pm on December 10, 2008