The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

Saturday, May 30, 2009

Even WaPo doubts wisdom of GM nationalization
Tom Smith

Well, at least we can call it nationalization now.  Seems like a long time ago when the politically correct were saying, oh, it is not nationalization.  It's just a loan!  Now, Uncle Samantha is going to own 70 percent of our great American Brontomanufacturus, and if that's not nationalization, I don't know what is. And $50 billion?  Goodness, this is starting to seem like real money.  Still, it will be a useful experiment to prove government can do an even worse job than GM did already.  We may get something out of this -- a concrete symbol of our time, the way the Yugo was an expression of Yugoslavian socialism, the kind I was taught in the 'seventies we should get all dewey eyed over.  God, those of us who lived through the seventies could tell you lots of reasons not to do it again, but whatever.  I predict a green car few people will want to buy, even at a highly subsidized price, but we'll see.  It's interesting that even the Washington Post is starting to ask WTF is going on here.

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Tom Smith


American Leyland.

Posted by: dearieme | May 30, 2009 2:18:39 PM

Tom: You're a starry-eyed optimist to predict that Government Motors will offer subsidies to get us to buy their "green cars." I suspect that we'll be regulated into having no realistic option but to purchase what the government chooses to make.

Posted by: CentralVA | May 31, 2009 11:29:37 AM

I suspect that the govt is mostly interested in paying off the unions. Getting us to buy the cars will be secondary.

Posted by: Jonathan | May 31, 2009 1:54:44 PM

Jonathan: The payoff to the unions will be worthless unless the government continues to pour money into GM and/or they actually sell some vehicles. As deficits mount, getting consumers to buy the cars will look more and more appealing.

Posted by: CentralVA | May 31, 2009 2:14:54 PM

Great post!

1. "Uncle Samantha". I'll use that phrase. It even sounds transgendered. Or perhaps just neutered.

2. "Still, it will be a useful experiment to prove government can do an even worse job than GM did already."

Quite right. GM Management seems to have been bad, but we'll see if it can get worse, given government subsidies, croneyism, and direct affirmative action. On the other hand, if the government owns GM,it might be less willing to do things like increase CAFE standards. (I know Obama's said he'll do that already, but would we be surprised if he decided GM would be exempt now?)

Posted by: Eric Rasmusen | May 31, 2009 6:44:21 PM

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Posted by: gucci shoes | Mar 22, 2010 11:40:28 PM

if too true, because at that price nobody is going to want a car in any color as it is very expensive!

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