Archive for March, 2012

FACTS and MYTHS: The GOVERNMENT BAILOUT OF THE AUTO COMPANIES-NECESSARY and SUCCESSFUL

Thursday, March 8th, 2012

An enduring debate in our country concerns whether or not the central government has any positive role to play in the life of corporations. Much has already been written about the deregulation of businesses starting around 1980, symbolized by the repeal of parts of the Glass-Steagall Act that separated investment and commercial banking, in 1999. The new documentary, “Heist: Who Stole the American Dream?” provides a summary of the evidence that government regulation of business is central to the flourishing of democracy.¬† Recently, Mitt Romney has¬†criticized the government role in saving the Detroit auto companies from total liquidation, by saying that no government infusion of money was needed. On the contrary, the following blog argues that the federal bailout was necessary and successful, another example of one of government’s positive roles. (more…)