Fourteen billion dollars down the drain to achieve what could have been achieved for nothing.Ed Morrissey:
Politically, though, this won't hurt Obama. The decision to bail out Detroit came from the George "I had to kill free market principles to save the free market" Bush in November. GM and Chrysler both took huge sums of money from the Treasury during Bush's administration. If those funds get lost in the bankruptcy that should have taken place instead of the bailout, then we will have to blame that on Bush, not Obama.
Exactly. There are two reasons why Republicans should never vote for statist economic interventions:
- They won't get credit for good intentions; and
- IT WON'T WORK.
Hope you kiddies are studying this valuable lesson. At $14 billion, it's an expensive one.P.S.: Be sure to check out MELTDOWN, Professor Thomas Wood's new bestseller about the financial crash and why Obamanomics won't work.