Fannie Motors

What then? Even after the government divests itself of its formal ownership stake, the reality is that GM will remain a government-sponsored enterprise — Fannie Motors might be a better nom de ridicule. All three Detroit automakers now share the same GSE structure (public mission, private ownership) that failed Fannie and Freddie. Going forward, the automakers’ missions are A) to provide health care, benefits, and high-wage employment to the United Auto Workers union, and B) to build the little green cars that President Obama and the Democrats want them to make, and the American people do not want to buy (at least not from Detroit while Japan makes them better for less). In exchange, the Big Three will continue to enjoy implicit and explicit taxpayer support.

via Fannie Motors by The Editors on National Review Online.

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