E.J. Dionne: GM is back, thanks to Uncle Sam

[cal04]

http://www.washingtonpost.com/opinions/gm-is-back-thanks-to-uncle-sam/2011/09/21/gIQACpT4lK_story.html

Have you noticed that one of the Obama administration’s most successful programs is also its most “socialist” initiative?

Okay, the bailout of General Motors and Chrysler was not socialist in the classic sense: The government was not looking to hold on to the companies over the long run. Their turnaround was accomplished in significant part by tough, capitalist management steps.

But, yes, this was socialism — or, perhaps, “state capitalism” — because the government temporarily took substantial ownership in the companies when no one in the private sector was willing to put up enough capital to prevent them from going under. Today, the companies are thriving.

More than that: The auto industry exemplifies how unions can do their best to protect the interests of their members while also ensuring the prosperity of the companies that employ them.

[Cool Logic]

1. Corporate welfare is not a sensible economic policy.

[MBS]

2. I especially liked the last paragraphs

Once human beings throw off the chains imposed by the idea that all economic laws are “natural,” they discover the capacity to change things and can use the tools of democratic government to do so when all else fails.

We did not have to accept the collapse of our domestic auto companies, and we do not have to accept that the Federal Reserve is powerless to give the economy the boost it needs. . . We do not have to rely on giving rich people tax cuts and then confine ourselves to offering fervent prayers that they might invest some of the money in creating jobs.

We can seek to control our fate, or we can turn the invisible hand into a God who commands us to be helpless.

[Stuart G]

3. k & r thanks for posting...nt

[AverageJoe90]

4. Thank you, Pres. Obama! n/t

[Stuart G]

5. Let's see ....Now how many good jobs were saved here?

Several hundred thousand.
And that is a good thing.

Let any Puke who says otherwise, rot in hell...