We’ll all be driving government vehicles
Has the United States federal government ever successfully run a profit-making operation? Has it ever managed a company, turned it around and brought it into the black?
Considering the fact that the operation the federal government is in charge of – that is, the federal government – is trillions of dollars in debt, I’m guessing the answers are no.
And yet, somehow the federal government thinks it can manage the Big 3 automakers and by the sheer genius of their business acumen, force enough people to their buy cars so that the companies once again become profitable, robust endeavors. This is what Congress has stipulated in the bailout bill they introduced today, which requires a “car czar” appointed by the president to micromanage the automakers if they receive taxpayer dollars (dollars, mind you, that the government already said they would receive through a loan program that forces them to make “green” cars):
The proposal also would give the overseer — a kind of “car czar” — say-so over any major business decisions by the automakers while they’re taking advantage of federal aid. The companies would have to open their books to the government, including informing the overseer of any transaction of $25 million or more and any “material change” in their financial condition.
So the federal government is essentially going to install a super-CEO over all three companies (assuming the plan is passed). If I were highly vested in Big 3 automaker stock, I’d be dumping it right now.