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carsDominating the U.S. headlines yesterday was news that the government is basically taking over the American auto industry. Maybe it is overstated, but some of the conditions for more bail-out money are quite specific and are normally decided in a board room or management meeting. 

(President Obama) forced out the chairman of a company that, in a previous era, would regularly send its executives to Washington to prod the gears of government. He made it clear that the White House would oversee, and heavily influence, decisions about what plants to shutter, what brands of cars to abandon and how much workers and managers will be paid.

I understand the interest of Americans in this story. For the U.S. this kind of socialist intervention is contrary to the capitalist ideals that have long been credited with America’s wealth and the American dream--every individual’s ability to rise to a level of wealth and stability through their own hard work and creativity. It may be that the free market is not the only way to provide that kind of environment. Yesterday, in fact, I read an article that claimed it is now rare for Americans to rise above the wealth and status of their parents.

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One Comment

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