The Corner

GM’s Broken Promises

On the eve of yet another bailout for GMAC, I’ve written a piece on the five biggest promises that GM, GMAC and the administration have broken in the past year. Broken promise no. 1: GM will not require another bailout.

Technically, GM and GMAC are separate companies, but if the former weren’t so heavily reliant on the latter, Treasury would probably have allowed GMAC to fail. The company is not “systemically significant.” Its mortgage-banking unit — the unit that got it into so much trouble — is smaller than several other mortgage banks that were allowed to go broke. The expected bailout, which would be GMAC’s third, is all about saving GM. Again.

GMAC and Treasury are reportedly still negotiating the terms of the deal. My guess is that it will be another of the administration’s Friday night specials.

Most Popular

U.S.

G-File Mailbag: The Results of a Bad Idea

EDITOR’S NOTE: The following is Jonah Goldberg’s weekly “news”letter, the G-File. Subscribe here to get the G-File delivered to your inbox on Fridays. Dear Reader (Including those of you just standing there eating Zarg nuts), I had a bad idea. It wasn’t a terrible idea, like asking a meth addict ... Read More
Politics & Policy

How Democrats Can Blow It in 2020

Donald Trump probably can’t win the 2020 presidential election, but the Democrats can lose it. What I mean is that in a contest between Trump and a generic Democrat, Trump would almost surely lose if the current political climate holds through 2020. According to a Fox News poll this week, 38 percent of ... Read More
Politics & Policy

The Collusion Scenario

It has become an article of faith in some quarters on the right -- well, most -- that the Mueller investigation has found no evidence of collusion with Russia and has accordingly shifted gears to process crimes like lying to the FBI or obstruction of justice. Having decided that this must be true, many have ... Read More
Immigration

Democrats’ Border-Barrier Flip-Flop

Is steel more moral than concrete? House Democratic leader Nancy Pelosi of California said last week that she and other Democrats consider a border wall “immoral.” But some of the same Democrats who decry President Donald J. Trump’s proposed concrete wall as a 30-foot-tall human-rights violation actually ... Read More