“Once a symbol of capitalist might and U.S. industrial prowess, General Motors would be half owned by the Treasury under a new sweeping plan that would also shut down GM’s Pontiac operations, lay off 21,000 workers and impose harsh terms on the company’s bondholders…. Some members of Congress and economists expressed concern that the government was effectively nationalizing GM and might exert influence over company decisions, despite its denials.” (Washington Post, Tuesday)
Nationalization by invitation.
FEE Timely Classic
“Socialism and Beyond” by Edmund A. Opitz