The Big Three and Irrational Fear of Company Failure
December 22, 2008 by Douglas A. McIntyreBy John Tamny RealClearMarkets
When the U.S. Senate blocked Congress’s attempt to save the U.S. carmakers earlier this month, White House spokeswoman Dana Perino made the claim that if federal money wasn’t freed up soon, the United States would no longer have an auto industry.
Good political theater for sure, but even if bankruptcy for the Big Three were to mean that each would vanish, the U.S. would still have a vibrant auto sector–albeit one overseen by foreign carmakers. By Perino’s strict definition, the U.S. also lacks industries that produce televisions, watches and cameras, but near as this writer can tell, there’s been no discernible economic decline as a result.
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