Commentary Magazine


Contentions

Pre-Packaged Penalty

This report suggests that President Bush is contemplating some sort of pre-packaged bankruptcy for the auto companies. The President can’t be accused of ideological rigidity on this one. Indeed it is hard to make any sense of his conflicting statements. On one hand, he doesn’t want to send “good money after bad.” But, then again, he doesn’t want to see the companies fail – his press secretary says that “doing nothing” isn’t an option. And he doesn’t want to make this President Obama’s problem. (Why, I’m not sure since he’s the one to live with the consequences.) Yes, it is all a bit muddled.

But if out of this comes a significant restructuring of the recipient companies, it will be a good thing. Or at least a less awful thing than just handing the companies a pot of money with the hope that they’ll “work things out.”  And if the message goes out that bankruptcy, in whatever form, is the price of poor management that would be a good thing as well. A price must be paid before the taxpayers are forced to cough up any more.



Join the discussion…

Are you a subscriber? Log in to comment »

Not a subscriber? Join the discussion today, subscribe to Commentary »





Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor to our site, you are allowed 8 free articles this month.
This is your first of 8 free articles.

If you are already a digital subscriber, log in here »

Print subscriber? For free access to the website and iPad, register here »

To subscribe, click here to see our subscription offers »

Please note this is an advertisement skip this ad
Clearly, you have a passion for ideas.
Subscribe today for unlimited digital access to the publication that shapes the minds of the people who shape our world.
Get for just
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor, you are allowed 8 free articles.
This is your first article.
You have read of 8 free articles this month.
YOU HAVE READ 8 OF 8
FREE ARTICLES THIS MONTH.
for full access to
CommentaryMagazine.com
INCLUDES FULL ACCESS TO:
Digital subscriber?
Print subscriber? Get free access »
Call to subscribe: 1-800-829-6270
You can also subscribe
on your computer at
CommentaryMagazine.com.
LOG IN WITH YOUR
COMMENTARY MAGAZINE ID
Don't have a CommentaryMagazine.com log in?
CREATE A COMMENTARY
LOG IN ID
Enter you email address and password below. A confirmation email will be sent to the email address that you provide.