Wednesday, June 3, 2009

GM will fail...

GM will fail... that's the take from Wayne Allyn Root. The 2008 Libertarian Vice Presidential Candidate says there is no reason to expect General Motors will be successful.

Root writes, "Government loses money at virtually everything it does and touches." Root pointed to Social Security, Medicare, and Education.

He then highlights the train systems. “Government took over Amtrak in the same way it took over GM, promising a quick return to profitability,” Root wrote. He continued, “Amtrak bleeds losses every year for the U.S. taxpayer. In 1970 when Amtrak was founded, $300 million was approved by Congress to run it. The government predicted profitability within 5 years. That was 39 years and over $30 billion dollars in losses ago! “

What Root calls his “clincher” argument is prostitution. Root points to the well known and profitable Mustang Ranch brothel in Nevada. Root wirtes, “(the Ranch’s owner) was indicted for tax evasion, escaped to Brazil, and is still today a fugitive from justice. The U.S. government took over the Mustang Ranch. The most successful and profitable brothel in America went bankrupt in one year under government management. That ladies and gentleman, no matter how you feel about brothels, tells you all you need to know about the ability of government to run a business.”


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