GM Bankruptcy Going Well Except for Congressional Effort to Ruin It




Despite the gloom and doom, the General Motors bankruptcy process actually went forward smoothly and swiftly and now the new GM is ready to emerge. Good work! But one problem as a majority of members of congress have decided to start undermining a potentially successful policy and “have signed onto a bill to reverse the closing of 789 Chrysler dealerships and block General Motors Corp. from closing more than 1,300.” Kevin Drum notes that we seem to have firm bipartisan support for this bad idea, with Democrats and Republicans alike working to do the bidding of their local car dealerships rather than advance the nation’s legitimate policy goals.

Felix Salmon hopes the Senate can fix this because Senators represent larger areas and thus are less under the thumb of individual dealers. I guess I’d say that it just seems that nothing whatsoever can pass the Senate (exceptions are made, of course, for Bush-sponsored tax cuts, Bush-sponsored health care bills, and Bush-sponsored wars) so probably this bad idea will die along with a half dozen good ideas.