What's Good for GM Is Now Terrible for America
They are treating the success of the initial public offering of the new GM, which will likely happen this Thursday, as proof positive that that the auto industry rescue and much of the rest of Obama's economic policies must be good for the country.
But what exactly is so remarkable about a company coming back to life after a $65 billion taxpayer bailout, additional billions in tax breaks not available to other companies, and even an amazing "sovereign immunity" exemption for this IPO from anti-fraud securities laws and lawsuits?
With this massive infusion of government aid and favors, even a company selling ketchup Popsicles to women wearing white gloves would likely show a profitable quarter! (Hat tip for the Popsicle analogy to David Spade in Tommy Boy -- one of my favorite movies about business.)
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