Sunday, December 07, 2008

Force Companies To Sell, Don't Bail Them Out

The funniest thing about this economic meltdown is watching President George Bush run headlong to nationalizing companies. Oh sorry, bail them out. Libertarians -- who believe in the free market like Bush and Prime Minister Stephen Harper are supposed to -- think that the response ought to be:

"We will provide a conference room and the coffee and doughnuts for you to sit down with possible buyers, so you can show those buyers what your balance sheets really are and figure out how much you're worth, and then you're going to sell to somebody -- at those prices." (Iain Marlow, The Toronto Star, 29 November 2008)

There's nothing more humiliating for a money-swilling CEO to have to sell for less than his inflated worth. The problem is are there any buyers out there for the American auto companies?

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