Tied to the mast
…but orange now and black

Republican grandstanding

From Slate:

Mitt Romney and Sen. Lamar Alexander recently proposed turning over the federal government’s 60 percent temporary stake in General Motors to the American people so that every household would own shares in GM. The company’s current market capitalization is just $800 million, but even at its June peak of $1 billion, America’s 120 million households would each receive GM stock worth $5. The Bush years may have wiped out your life savings, but the party of Lincoln will send you a five-spot to start over…

Mitt Romney, you for serious?

Of course, the real motive of the Romney-Alexander plan isn’t to make you $5 richer. Nobody wants GM stock; giving it to taxpayers is simply the only quick way to get the company out of federal hands…

Much more plausible. Although honestly, the case that the US government will be more effective at failing to oversee GM than the 300 million $5 share holders with a massive collective action problem is one I’d like to hear made directly.


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