Joe Biden, Savior and Master of the Obvious

Vice-president Joe Biden is bragging that the resurgence of the auto industry is the result of government intervention.  Well, duh.  Send me a few billion dollars and I'll have a better balance sheet, too.

The government has no wealth of its own.  All it can do is transfer wealth that has already been produced.  So the question is not whether the auto industry is doing okay, but what has been destroyed in other areas by the transfer of wealth that already exists (paid through taxes) and what will be destroyed (paid through inflation which is stealing wealth from the future).  See Frederic Bastiat's That Which Is Seen, and That Which Is Not Seen.

By the way, all this talk of Chrysler paying back the loans is really an accounting dog and pony show.  Chrysler is getting loans from the Department of Energy to pay back loans from the Treasury. 

But, hey, let's here it for Joe!!

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  • 5/28/2011 9:10 AM Rick wrote:
    Well they are bring jobs back to their union base, or saving them. For the rest of us common non union people unemployment is still nationally at 9 + % in Tennessee something like 7.5%. But it is election time and the VP just wants his union base to know we were there for you. How touching !!!!
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  • 5/28/2011 9:31 AM Matt wrote:
    when will the Government ever learn? Cars or toilets are none of their business. Both can and should be allowed to fail or succeed on their own without intervention. Anybody remember the Studebaker?
    Reply to this
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