After briefly discussing F.A. Hayek's ideas (from Law, Legislation, and Liberty) in class today (Nov.14,08') about political culture, democracy, and negative long-term effects of the bailout, I found this recent article by David Brooks relevant. Brooks describes Obama's plans for the Big Three Automobile companies as "the creation of an auto czar with vague duties" and that the larger principle is, in fact, over "the nature of America’s political system." Democrats from Barack Obama to Nancy Pelosi want to grant immortality to General Motors, Chrysler and Ford. They have decided to follow an earlier $25 billion loan with a $50 billion bailout, which would inevitably be followed by more billions later...Simply put, bad behavior is rewarded, concentrated benefits to the few at the expense of our tax dollars, and capital that could have gone to successful companies and programs will be directed toward companies with a history of using it badly.
Bankruptcy is the least horrible option.
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