Breaking down the auto bailout

The Nation
by William Greider

05/08/09

So this is how the auto bailout will work. American taxpayers pump tens of billions into rescuing General Motors from bankruptcy. Then GM pays us back by shipping more jobs overseas — the equivalent of four assembly plants. The federal money will directly subsidize more imports from abroad, enabling GM to double its car production in Mexico, South Korea and China and selling the cars into the US market. Can someone explain how this is in our national interest? If that is the best deal Obama’s auto czars can come up with, then this angry taxpayer says: laissez-faire — let GM go down. Better to settle for bankruptcy court than provide public financing to further the destruction of US manufacturing. The Obama administration has stumbled into the middle of the political train wreck known as globalization...

http://www.thenation.com/doc/20090525/greider3


Informant: Thomas L. Knapp



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