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George Will

It's not too often I can say this about a George Will column, but I agree.

Will it be painful if GM goes belly up? You betcha, but happens. Life is a bitch. A bailout will just delay the inevitable. Let's just get it over with.


I have to disagree. I support the bailout, but with huge strings, including government purchase of shares, a commitment to fuel efficiency, and drastic cuts in executive compensation. I find it absolutely absurd that our nation, that once led the way technologically, cannot produce a decent fuel efficient vehicle. We cannot afford to see the Upper Midwest continue its downward spiral. America cannot florish as a service economy alone. If nationalization is necessary, so be it (the Japanese companies are quasi-nationalized, iirc)

I think you underestimate the amount of pain a GM bankruptcy will cause. It will interrupt the supply chain for auto manufacture, which will reverberate throughout the US. We will have a depression if that happens.

I don't think we disagree that much. If we do, it's about how much pain will inevitably accompany our putting the brakes on stupid behaviors. I think there's going to be a lot of pain, bailout or not, and while the short-term pain of no bailout might be greater, I think the long-term pain will be less if we let these already-failed enterprises go into chapter 11.

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