Friday, July 22, 2011

A drop in the bucket

According to the U.S. government, taxpayers lost $1.3 billion on the Chrysler bailout. That may be the official accounting loss, but the costs are much higher. Our government forever altered the playing field by changing the rules. Bankruptcy laws were turned upside down and companies will seek political favors as lenders, stockholders and labor look to the taxpayer to be made whole when their bets lose. Capitalism is about profit and loss. Bail out the losers and there’s no end to the cost.

[Letter to the Editor - The Detroit News. Published 08/05/2011.]

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