Obama Praises GM Recovery
NOVEMBER 19, 2010
“President Obama took a victory lap today, praising the re-launch of General Motors as a public company after a $50 billion bailout from taxpayers.” (USA Today)
It’s a bad precedent, and capital was politically diverted from others to help a badly managed company.
FEE Timely Classic
“Political Bankruptcies: How Chrysler and GM Have Changed the Rules of the Game” by Richard A. Epstein