The point of capitalism is that actions have consequences. Once that market discipline is removed for a few of the worst, ill-managed, union-crippled companies in America, the stage is set for endless mediocrity, government-run industry (i.e. even more endless mediocrity), and a free-for-all at the government trough. A clear majority of Americans agree, in the new WaPo poll. If this intensifies the recession, so be it. Recessions are sometimes necessary for long-term economic health. And the bigger and sharper it is now the more time Obama has to recover from it. Let them die.
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2008/12/let-the-big-three-die/207444/
