David Frum, on the fate of GM:
Last week, the stock of Las Vegas Sands Corporation collapsed. Bankruptcy seems a real possibility. Indeed, the whole casino gambling industry in Nevada is facing the worst crisis in at least a generation, maybe ever. Casino gambling directly employs more people than the domestic automobile industry. Add in the supply chain for both industries, and casinos still employ almost half as many people as the automobile sector.
So what about a bailout for the casino industry? Ridiculous! Right? But why right?
More importantly, what about the journalism industry? What about us - my friends and co-workers, and friends of friends and co-workers of co-workers, who've spent the last five years watching our business slowly circle the drain? Doesn't America need the New York Times as much at it needs the Chevy Cobalt? Isn't the Star-Ledger as important as the GMC Savana? Sure, GM employs roughly five times as many people as all all of America's newsrooms combined - but that just means that we'd be much, much cheaper to bail out! GM needs $25 billion, but we'd settle for, I dunno, five billion? Pocket change, in other words! And we'd be so, so grateful. If you think your coverage couldn't get more lovey-dovey than it already is, Mr. President-Elect, the magazine and newspaper editors of America stand ready to prove you wrong - and all for a fraction of what it took to bail out those ingrates on Wall Street.
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