Final obvious point: I don't want to sound like Veronique de Rugy here, but who will pay the price
ifwhen this half-baked "restructuring" fails? In normal "capitalism at work," those who would pay the price will be those who made the deal and put up their money--the capitalists. (Query: Would [Obama Motors cheerleader] Scott Sperling invest his firm's money in this dubious proposition?) IfWhen Obama's plan fails, the monetary loss will fall not on Obama, but on the taxpayers. It will likely be made up somehow by the taxpayers (via higher tax assessments or inflation). That's not "capitalism at work." It's something else at work. But I'd be all for it, if I thought it really would work. It won't, and it will be Obama's fault. (He'd certainly get credit if it succeeded.)
Mickey Kaus has a round-up of the farce that is Obama's plan for Chrysler, ending with this conclusion:
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