The Obama administration continues to not nationalize GM, even as the latest proposed plan calls for the federal government to take up to a 72.5% ownership stake in the company, with the UAW owning 17.5% and the bondholders receiving a lowly 10%.  Apparently, the logic is thus:  if there is even a sliver left in private hands, it is “not nationalization.”  Baloney.  This is simply the forced government takeover of a private company, unprecedented in this country and in contradiction of our God-given rights of private property; there is no way to sugar coat it.

Every single party at stake in this debacle – GM, the UAW, and the citizens of this country – would be better off if the government had kept its greedy hands off GM from the get-go.  A normal bankruptcy proceeding, the inevitable result, would have allowed an orderly restructuring of the company and satisfaction of the debt obligations first (as it should be).  It may also have kept the dysfunctional and selfish UAW out of the ownership game.  Who on the planet believes the UAW can run a profitable lemonade stand, let alone a car company?  If such a person were found, even he could not also believe that the federal government can do so.  This would be humorous if not so appalling:  Barack Obama, the community organizer and hapless junior senator, trying to manage a car company.

“Administration officials” say GM could become a publicly traded company again after six to 18 months.  And that swamp land in Florida is still for sale.  Federal power and control never voluntarily dissipates.  Once the government assumes control, via a program, regulatory scheme, or in this case a takeover of a private company, that control will never revert to the private citizenry without an ugly political fight – which rarely happens.  Turn the clock ahead 18 months and this you shall hear:  endless justifications as to why the government still needs to own GM.

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