Tuesday, August 3, 2010

Happy to be wrong

I am rather dubious about governments bailing out ailing industries. Some of the problem I have with this is the inconsistency of business leaders and conservatives who are constantly calling for less government regulations and a "free market" but won't miss a heart beat when they demand/beg/ask the government rescue them after they have mismanaged their company (and paid themselves huge bonuses....)
When the US government agreed to bailout Chrysler and GM I thought this was like pouring water down the drain.... Hence, I was surprised to see they have recovered. I am happy I was wrong. There is a good op-ed piece:
The auto industry lives. Can we admit that government intervention worked?
by Washington Post columnist E.J. Dionne Jr.

1 comment:

  1. Whether it worked or not is irrelevant -- it was wrong for the power of government to be exercised selectively in the market where others go without a bail-out.