GM is back, thanks to Uncle Sam

By E.J. Dionne Jr.,
Washpost
Published: September 21

Have you noticed that one of the Obama administration’s most successful programs is also its most “socialist” initiative?

Okay, the bailout of General Motors and Chrysler was not socialist in the classic sense: The government was not looking to hold on to the companies over the long run. Their turnaround was accomplished in significant part by tough, capitalist management steps.

But, yes, this was socialism — or, perhaps, “state capitalism” — because the government temporarily took substantial ownership in the companies when no one in the private sector was willing to put up enough capital to prevent them from going under. Today, the companies are thriving.

More than that: The auto industry exemplifies how unions can do their best to protect the interests of their members while also ensuring the prosperity of the companies that employ them.

(More here.)