In which the redoubtable Mr. Steyn illustrates what’s wrong with America:
Can you still see the USA in your Chevrolet? Through a windscreen darkly.
General Motors now has a market valuation about a third of Bed, Bath & Beyond, and no one says your Swash 700 Elongated Biscuit Toilet Seat Bidet is too big to fail.
GM has a market capitalization of about $2.4 billion. For purposes of comparison, Toyota’s market cap is $100 billion and change (the change being bigger than the whole of GM). General Motors, like the other two geezers of the Old Three, is a vast retirement home with a small money-losing auto subsidiary. The UAW is AARP in an Edsel: It has three times as many retirees and widows as “workers” (I use the term loosely). GM has 96,000 employees but provides health benefits to a million people.
By funneling taxpayer dollars into these failing companies, we continue down the road to Bailoutistan. Read the whole piece; it’s vintage Steyn.