Government Should Extricate Itself From Involvement With GM, Cut Off Additional Funding and Let Company Sink or Swim
The road that our government has taken thus far regarding providing bailouts and assuming management of the auto industry has been traveled on before – by the British government. And guess what? It was an unmitigated disaster. History is in the process of repeating itself.
Our government has already poured (wasted) $101 billion tax dollars in trying to keep the auto industry afloat and there will be more to come unless there is a change of sentiment and ideology. (Chances are nil and none!) We strongly recommend that the government quickly extricate itself from involvement in the car industry and cuts off any additional funds. Let GM either sink or swim. We should not be wasting tens of billions of dollars more for an inefficient, essentially moribund company.
The following is an excellent review of the failures of the British auto industry and how our present situation parallels it.
Read: Does Our GM (Government Motors) Await Same Sorry Fate As Britain's?
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December 9th, 2009 at 2:04 am
[...] we have this precise situation at many levels with Obama and the Congressional Democrats. In our Dec. 1st post , we compared the parallels of history regarding the British car industry and the government [...]