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December 12, 2008
Thomas Friedman, one of America’s best op-ed writers, has written the first decent summary I’ve seen of why the U.S. government shouldn’t bail out the Detroit car companies.
...our bailout of Detroit will be remembered as the equivalent of pouring billions of dollars of taxpayer money into the mail-order-catalogue business on the eve of the birth of eBay. It will be remembered as pouring billions of dollars into the CD music business on the eve of the birth of the iPod and iTunes. It will be remembered as pouring billions of dollars into a book-store chain on the eve of the birth of Amazon.com and the Kindle. It will be remembered as pouring billions of dollars into improving typewriters on the eve of the birth of the PC and the Internet.
Read it to find out why.