On March 30, 2009, the president of the United States told an anxious nation: “Let me be clear: The United States government has no interest in running G.M.” If only he were telling the truth. So now that the U.S. government is indeed running G.M., after having divvied up failing Chrysler between itself, Canada, the United Auto Workers, and Fiat, it's worth stepping back and taking measure of this almost unthinkable chain of events. After decades of Europe and most of the West enjoying the fruits of selling off state ownership in private industry, the U.S. is going on a nationalization bender. And as Jacob Sullum, Matt Welch, and Ronald Bailey write in our August-September issue, an inventory of the steps that led us here leads to three inescapable conclusions: This bailout is illegal, illiberal, and ill-fated.
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[Source: Reason Magazine - Hit & Run]
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