Not so risky

by Russ Roberts on June 2, 2009

in Inventive intervention

From the New York Times:

President Obama will push General Motors into bankruptcy protection on Monday, making a risky bet that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automaker that is competitive.

It's not so risky when it isn't your money. True, there's some political risk if it goes badly, but the pain will be spread across all of us while the gain, at least for now, is to his union cronies.


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