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So in other words, we are exactly where we would have been had the government allowed the company to go bankrupt months ago (well, the same place sans state ownership). And for those who believe that affixing the word "new" in front of "GM" makes a difference, I've got a Yugo Cabrio for you to buy.
If a car made in this country is worthwhile, efficient, comfortable, and safe, Americans will buy it. But the very presence of a nationalized GM undermines a truly competitive car market. Honda and Toyota, which have taken no taxpayer funding, no doubt will find it immensely problematic to compete against a company that can print money and take losses in perpetuity.
Or, I should say, we will be taking losses in perpetuity.
David Harsanyi is a columnist at The Denver Post and the author of Nanny State. Visit his Web site at www.DavidHarsanyi.com.
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