Bill Bonner of the Daily Reckoning has a way of putting things.....
We're delighted to see Mr. Obama in action...rolling up his sleeves and taking direct action to straighten out the U.S. auto business. In this world of collapsing asset values and depression, we needed a laugh.
But why shouldn't the feds be in the car business? It's right there in the U.S. Constitution, isn't it? The "Car Clause," as Byron King calls it: every American will have the "right to life, liberty and a four- door sedan." Heck, it's in the preamble too: "When in the course of human events, it becomes necessary to take over the automobile industry..."
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