Who's the victim? Capitalism, or Americans? Kudlow says it's capitalism.

[jazzjunkysue]

Once again, big scary government is beating up on poor, innocent capitalism.


http://www.cnbc.com/id/31005877/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo

Kudlow: US Now Owns GM, But Won't Get Paid Back

Get ready folks: America is about to own a car company.

As of Monday, we the taxpayers will own more than 70 percent of GM. Whether the company will be formally renamed Government Motors remains to be seen. But that’s what it will be.

Instead of putting the failed car enterprise into bankruptcy six months ago — where Carl Icahn or Wilbur Ross could have bought it — the Bush administration chose Bailout Nation. Under Team Obama, that bailout has morphed into full-scale government ownership. Twenty-billion dollars of TARP money is already invested in GM , with another $50 billion on the way. And that number could easily double unless GM car sales miraculously climb back to 14 million this year. That’s highly unlikely, with car sales presently hovering around 9 million a year.

Is this onslaught of government ownership an attack on free-market capitalism? Yes it is. Call it Bailout Nation or Ownership Nation, it’s an unprecedented degree of government command, control, and planning, all in the name of a tough economic downturn.

I don’t pretend to know all the answers to GM’s problems. Neither do I know all the miscues of the banks and insurance companies. But I do know this: The present level of government control over the economy does not bode well for this great country.

When I sat down with former Vice President Dick Cheney for a CNBC interview this week, I asked him about all this. He wasn’t happy. Of course, many of these policies began during the Bush-Cheney administration, and Cheney didn’t deny it. But when I asked if he anticipated the current degree of government control, he gave me another honest answer, as is his custom: No.

[PM Martin]

1. But bailing out the banks and their credit default swaps is all good

though.

Fascist piggies!

[Taverner]

2. Awww the poor widdew invisible hand is hurt...

[The Magistrate]

3. It Needs To Be, Sir

"People with invisible hands spend a lot of time sticking them in other people's pockets."

[Taverner]

4. ROFL

Love it!

[Selatius]

5. There are no free markets. It's a myth. Most markets in the US are controlled by cartels now.

It's just a relatively few dominant corporations controlling most of the land, factories, and equipment. Mom and pop shops are being driven under.

[AllentownJake]

10. Most people don't get this

Americans have mistaken different corporate logos for choice.

[AllentownJake]

6. Kudlow on the Economy in November 2007

http://article.nationalreview.com/?q=MTBiNjRkMTk5YTA4OTdhZTJiMWNlOGNiZjg5OWE2ZGU=

"That said, I think the election-year economy will be stronger than the Fed’s estimate — closer to 3 percent. Too much is being made of both the sub-prime credit problem and the housing downturn. A recent Bank of England study shows that residential mortgage-backed securities in the U.S. total $5.8 trillion. Of that, only $700 billion, or 12 percent, are sub-prime. Even when you add in $600 billion of so-called Alt-A mortgage paper, most of which will not default, the total of these home loans is still less than 20 percent of all mortgage-backed paper."


God, I love the internet, Kudlow is a talentless right wing hack.

[Selatius]

8. The economy went into recession in December 2007 according to the NBER.

The Nat'l Bureau of Economic Research, which is basically the forecaster for recessions in the US, backdated the current recession to December of that year because it was the last month that the economy peaked before beginning the downward slide. By the November elections, job losses were beyond 500,000/month.

Kudlow was flat-out wrong.

[AllentownJake]

9. The rest of the article is equally as funny

However he did get one thing right. Well besides the Hillary Clinton part lol


"As far as next year’s election is concerned, the investor class leans heavily Republican. They are a smart, savvy bunch, and they know darn well that Hillary Clinton won’t hesitate to raise taxes across the board. But if a recessionary bear-market rears its head, many investors may indeed revolt by voting Democratic."

[Ikonoklast]

7. Kudlow's idea of heaven is to snort coke off

Ayn Rand's ass for all eternity.

Free markets for everyone! (Except Larry's pals, then government intervention is just fine.)

[AllentownJake]

11. Oh Fuck Dick Cheney isn't happy?

We are DOOMED!!!!!

[Turbineguy]

12. Kudlow is one of the inventors of this mess.

he should be proud of himself. Yes, a lot of people were involved, but he's a plank owner.