I don’t pretend to know all the answers to GM’s problems. […] But I do know this: The present level of government control over the economy does not bode well for this great country.
Government Motors say about the direction of the United States? Historically, we don’t own car companies — or banks or insurance firms. But we do now. Tick them off on your fingers: GM, Citi, American International Group Inc. Oh, and let’s not forget Fannie Mae and Freddie Mac, those big, quasi-government taxpayer-owned housing agencies. California is broke and likely headed to bankruptcy. Will we the taxpayers own that, too?
Altogether, we’re talking planning, all in the name of a tough economic downturn.
I don’t pretend to know all the answers to GM’s problems. Neither do I know all the miscues of the banks and insurance companies. But I do know this: The present level of government control over the economy does not bode well for this great country.
When I sat down with former Vice President Dick Cheney for a CNBC interview, I asked him about all this. He wasn’t happy. Of course, many of these policies ring Chapter 11 bankruptcy. He did sign on to the TARP bailout of banks as a stopgap, but he didn’t anticipate its eventual size, scope and sweep. Then, squarely acknowledging the mistake, he compared Bailout Nation to Richard Nixon’s wageand-price-control program, which touched every enterprise in America. He called it “a terrible mistake; a huge mistake.” By implication, Mr. Cheney suggested that the original Bush bailout program was itself