I have sent the following excerpt from
to the President and my congressmen (since I doubt they read WSJ.COM)
=========== Open Letter to the President and Congress ===========
PLEASE DO NOT BAIL OUT DETROIT!!!!!!!!!!!
Bankruptcy doesn't make assets disappear.A government bailout of the Big
Three keeps huge amounts of productive inputs in firms that can't use
them efficiently. The bigger the unprofitable firm, the more vital it is
that it be allowed to fail.
If Washington gives no special subsidies to workers and suppliers
outside of the auto industry, why treat GM, Ford and Chrysler
differently? Are their workers or owners more worthy? Not at all.
It is precisely because the Big Three differ in no essential way from
America's other firms that bailing them out runs a real risk of
cascading into a march on Washington by countless firms and individuals
unable to see why they are less entitled to taxpayer funds.
If you bail them out then bail me out too!!!