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Politics : PRESIDENT GEORGE W. BUSH
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To: Skywatcher who wrote (190845)10/10/2001 7:47:11 PM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
Agreed.

Even though the Reagan-era bailout of Chrysler ultimately didn't cost the taxpayers (the bonds issued were all paid back), who is to say that that particular solution represented the 'best of all possible worlds'?

In the absence of a bailout, would GM and Ford have grown proportionately stronger... and would one of them now be the owner of Daimler (instead of Daimler being the owner of Chrysler)?

Sometimes the governmental meddling that we call 'industrial policy' works, and sometimes it doesn't... but it always has a COST.

By diverting tax receipts to one favored entity (over another), by picking and choosing winners, by saying "the government knows better than the markets", there is always an opportunity cost measured by what a higher, better use for those funds could have achieved.
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