Crony Capitalism at GMAC

John Snow may have been a lousy Treasury Secretary, but his lobbying skills are not in doubt. The government threw a little more money GM’s way last night (via WSJ): WASHINGTON — The federal government Monday deepened its involvement in the U.S. automotive industry by committing $6 billion to stabilize GMAC LLC, a financing company .. read more

Bankruptcy Doesn’t Equal Death

Don Boudreaux, chairman of the GMU Department of Economics, takes on the myth that the Little Three automakers are too big to fail (via the WSJ): The spectacle of corporate magnates from Detroit pleading to be on Uncle Sam’s dole is a sordid one. So why aren’t more Americans appalled? One reason is widespread misunderstanding .. read more