The Bailouts at Ten: I Told You So

A worker installs doors on a Chevrolet Cruze at the General Motors Cruze assembly plant in Lordstown, Ohio, in 2011. (Aaron Josefczyk/Reuters)
In the decade that has passed since the financial crisis, we haven’t learned anything.

NRPLUS MEMBER ARTICLE G eneral Motors just shared some very bad news: It is closing five factories in the United States and Canada, eliminating 15 percent of its work force (and 25 percent of its executives), and getting out of the passenger-car business almost entirely to focus on SUVs and trucks. President Donald Trump threw a fit, but GM shrugged him off. The facts are the facts.

What did U.S. taxpayers get for their $11.2 billion bailout of GM? About ten years of business-as-usual, and one very expensive lesson.

Bailouts don’t work.

Never mind the moral hazard, the rent-seeking, the cronyism and the favoritism, and all of

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