Near the beginning of this Wall St. Journal opinion piece, noting how car companies have been "bailed out" for decades, is this breakdown of who will own General Motors once the new restructuring is in place.

The United Auto Workers (UAW) would own 39% of GM. The federal government would own 50%. The creditors will be shafted with just 10%.

Emphasis mine.  And then there’s this, from Merriam-Webster.

Main Entry:
so·cial·ism 
Pronunciation:
\?s?-sh?-?li-z?m\
Function:
noun
Date:
1837

1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods

Emphasis mine, again.  The two emphases appear to be synonymous.  When speaking of the problems in the auto industry back in November, Rahm Emanuel was quoted.

“Rule one: Never allow a crisis to go to waste,” Mr. Emanuel said in an interview on Sunday. “They are opportunities to do big things.”

Yeah, I’d say remaking the entire American economy qualifies as a "big thing".  The only way I see this as not becoming a permanent thing is if the experiment fails because GM (and the UAW) still fails.  If not, it’s going to be a wild ride as the government decides to nationalize more and more "for the good of the people".

Related posts:

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  2. The Bailouts Didn’t
  3. The Shape of Things to Come
  4. Austerity Works
  5. New Poll: Social Networks

Filed under: Doug • Economics & Taxes • Government

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