President Obama has promised that the next misery-prolonging bailout is going to the “Big” 3 car companies of Detroit. These 3 car companies are inefficient bankrupt enterprises, due mostly to the labor unions that have pushed wages above market levels and have pushed down quality standards.
Why not just allow GM, Ford, and Chrysler to fail? Surely, we’ll still be able to get quality cars from Japanese and German companies and surely GM, Ford, and Chrysler’s brands will stay in existence under new, more efficient, management.