Wednesday, December 10, 2008


The Wall Street Journal editorial page says we wouldn't even be talking about a bailout for badly-run car companies if we had a conservative president.

The editorial is "Bush and Detroit."
"It's also becoming increasingly clear that the real goal of Democrats isn't to save jobs per se, but to tell Detroit what cars to make and how to make them. The goal is to turn GM and the rest into Big Green Machines that will stop making SUVs and trucks and start making small cars that run on something other than carbon fuel. If consumers don't want to drive them, well, the next step will be to impose subsidies or penalties and taxes to coerce them to do so. Giving the federal government an equity stake could also lead to protectionism, as the politicians attempt to shield Detroit's mismanaged assets from competition by citing the interests of the UAW, the environment, or some other "social" good that has nothing to do with making cars Americans will want to drive."

"None of these measures will save Detroit in any real commercial sense. For precedents, consult the history of France's Renault, S.A., or perhaps of Jawaharlal Nehru's industrial policies in postwar socialist India. But a bailout will harm consumers, harm the auto industry as a whole, put taxpayers on the hook indefinitely, and bring the U.S. commitment to market principles further into doubt."

"If this is how Barack Obama wants to begin his Presidency, so be it. But Mr. Bush will not enhance his legacy by helping Congress and the Sierra Club nationalize Detroit."

There is absolutely no reason left for Sen. McConnell to stick with Bush regardless of how far off base he is anymore, right?