(... besides the fact that I still completely adore my 2003 Ford Explorer...)
General Motors plans an initial public offering as soon as today -- a first step in the government's effort to sell its ownership stake to private investors. The IPO comes on the heels of a much publicized plant tour by President Obama, who'll certainly hail the stock sale as proof he made a smart decision by bailing out the automaker with billions of taxpayer dollars.
But, to us, the IPO will be proof of something else: a White House that purposefully trampled the legal rights of investors -- many of whom, like us, are small savers -- to benefit its political supporters. Rather than a model of success and foresight, the GM episode is a model of corruption and cronyism.
Read the whole thing.
Our Founders would be apoplectic over this governmental interference into the private sector, and they would be completely appalled at the way their descendants have fled from the principles of liberty and personal responsibility.
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