The GM Bailout: Smoke, Mirrors, and Government Run Wild

by Samuel R. Staley

Anyone who even thinks for a nanosecond that the GM (or Chrysler) bailout is good for taxpayers should read Shikha Dalmia’s column from The Daily. She details in an amazingly accessible way the benefits bestowed on GM by special preferences — such as allowing the company to write off $45 billion in losses moving forward and having the feds buy equity to avoid debt payments. The GM bailout is a story of smoke, mirrors, and government run wild.