Treasury sells off the last of its GM stock at a $10 billion taxpayer loss « Hot Air

Treasury sells off the last of its GM stock at a $10 billion taxpayer loss « Hot Air: " Certainly the implosion of these companies would have caused a lot of very real material pain at the outset, but creative destruction and the opportunity to fail are as much a part of an economy’s long-term success as anything else. The precedent for massive corporate bailouts is now set, and General Motors is the lucky benefactor of competition deliberately denied from other companies, global and domestic, who made better business decisions and/or offered a superior product. Obama’s supporters are quick to point to “the rescue” of the U.S. auto industry as one of his greatest presidential achievements (which, to me, is an indicator of how tough it must be for them to scrape together a list of his presidential achievements, but I digress), but this entire situation is one of the many means through which President Obama has opened the door to Big Business rent-seeking and cronyism capitalism at the expense of both the Little Guy and the American economy at large."

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