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University of Missouri-St. Louis economist David Rose sent the following to me by e-mail regarding Uncle Sam’s bailout of GM, Ford, and Chrysler:
Here is what is especially galling about this. If central planners took overt control of a number of industries and then ran them into the ground, then there would be a clear lesson learned. Instead, they take partial control through regulation and now through "investment," still run such companies into the ground, but can then blame it on the market system.
Exactly right.