Read the Bills Act Coalition

Friday, December 5, 2008

Just say NO, let the chips fall where they fall

I as pro-free enterprise as they get because I think it is the best way to sustain a lasting economy but free enterprise has a flip side that does not include the government helping (or owning a piece) of every business that hasn't managed itself successfully; it means competition should drive competence (or failure), demand should dictate price and companies that get adequated should either change their business model or fall by the wayside.... Why must we bailout these companies, let them file for Chapter 11 and restructure then we can move on. From Reuters:

Commerce Secretary Carlos Gutierrez said on Thursday a collapse of the U.S. auto industry would be "devastating", but that automakers must show a path toward long-term viability before money from taxpayers is put on the line…."While our economy is facing unprecedented challenges, the collapse of the auto industry could be devastating," Gutierrez said in a statement. "We must do everything within our power to responsibly safeguard the auto industry from failure, but we must be certain it can demonstrate a path to financial viability before receiving taxpayer funding."…Gutierrez reiterated the administration's view that Congress could bail out Detroit automakers with funds already authorized to be spent on encouraging more fuel-efficient vehicles.

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