Auto czar and Commander-in-Thief Barack Obama has raced General Motors through a complex series of last-minute deals to speed the automaker way into the fast-track, presidentially engineered, bankruptcy they filed this morning. The company will emerge in 60 to 90 days as the nationalized U.S. Government Motors.
What else would you call a car business that is
- Beaten down by political maneuvering
- Stolen from its owners
- Handed not just in majority but almost in entirety to “your” government.
History has textbooks full of taking industries or assets into public ownership under a national government or a state. Wikipedia reports that “The motives for nationalization are political as well as economic. It is a central theme of certain brands of ‘state socialist’ policy that the means of production, distribution and exchange, should be owned by the state on behalf of the people.”
Charged with operating “in the public interest,” nationalized industries are under strong political pressure to make social goals instead of decent products (or profits).
Here are some examples of historic nationalizations:
- The Castro government “expropriated” all private companies after the Cuban Revolution of 1959.
- The Yeltsin government seized Gazprom assets in 1998, claiming the company “owed back taxes.”
- In the past two years alone, Hugo Chavez stripped control of the Orinoco oil belt, nationalized the cement industry, steel mill Sidor, and much more.
- The Obama government will nationalize General Motors today by seizing its assets. They will claim the company might default on its loans.
“We won’t keep it any longer than necessary,” President Obama said.
Have you noticed? Every thief has an excuse.
Thomas Jefferson wrote, The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
Was King George III really any worse? That poor monarch just wanted the profits on our tea.
Posted early to match the 8 a.m. filing deadline.