How do you feel about Barack Obama effectively being the chief executive officer of General Motors and voting 60 percent of the stock? I hate it. I wonder what Milton Friedman would say. Milton Friedman was a celebrated economist whose views on taxation, monetary policy and business regulation informed the likes of Ronald Reagan and Margaret Thatcher. Mr. Friedman was in Asia and was taken to a job site where workers were digging a canal....
You have probably never heard of Thomas Lauria. I never had until yesterday. But if he is to be believed (and I believe him), then our government has taken a huge step toward gangster-style thuggery and we should all, Democrats and Republicans, be very afraid. Thomas Lauria is a lawyer who represents a number of investment banks that hold the senior commercial paper of Chrysler Corporation. Senior commercial paper is what you and I would...
The so-called auto bailout bill, a $14 billion bridge loan intended to give automakers sufficient cash to continue operating in the first quarter of 2009, failed last night in the Senate. As far as getting government cash into the hands of the automakers this year, it’s over. Not gonna happen. That is a very big problem for GM and Chrysler. Less so for Ford except for the fact that if GM in particular fails, it...