Tuesday, June 02, 2009

GM Politicized?

It’s already happened. Just about the first thing that happened after Obama forced out Waggoner was GM’s caving on CAFÉ standards, something that the company had been fighting for years. 

Everybody took a bath on the bailout, but the politically unconnected bondholders took most of the blame and loss. The UAW’s concessions, at least the ones made public, are really pretty trivial.  

The government has an incorrigible addiction to meddling, and every sales downturn, labor dispute, change in production, etc., will generate the political crisis needed to justify more government meddling.  

It’s a perpetual motion machine of of incompetence.