The U.S. Treasury may adopt a plan that would let a car czar or the Treasury secretary force General Motors Corp. and Chrysler LLC into bankruptcy if the automakers don’t show they can survive without government aid, a U.S. senator said.
Now that US senator is Carl Levin (Asshat-MI), so I do take this statement as something of an exercise in trial balloning. Or perhaps as a threat to GM and Chrysler (and by extension, the UAW) that they had better play along with the new administration--or else. Or both, perhaps.
I find it troubling that the US government is even considering choosing who wins and who loses in the marketplace. This is the red flag warning that our capitalist system is being overthrown in favor of a socialist-inspired command-and-control system. While I have no problem with creditors forcing a company into bankruptcy, I have a big problem with the government doing it.
As a nation, we face dark days ahead if these sorts of things are allowed to happen.