CEI Today: GM bailout, ethanol mandates, and hospital unionization
GM BAILOUT - JOHN BERLAU
John Berlau of the Competitive Enterprise Institute argues the stock decline reflects the liability of the federal government picking winners.
"They're making the environmentally correct cars. The government, the Obama administration wanted them to make the Chevy Volt rather than some of their better-selling products like some of the GM trucks," Berlau said.
Berlau adds that GM's buy-out and bankruptcy broke with legal precedent. "In a standard bankruptcy, the court will give priority to lenders and then to bond holders and then to stockholders," he said. "Here, the United Auto Workers got priority not only over other bond holders, they got a higher stake in the new company than other bond holders that had the same unsecured status."
ETHANOL MANDATE - SAM KAZMAN
HOSPITAL UNIONIZATION - DAVID BIER & IAIN MURRAY
Nursing is a valued career in a civilized society. It combines helping people with the economic demand for health care. Now, however, this noble profession is the target of an organized campaign by Big Labor to make it yet another source for compulsory dues, at the expense of those whom the health care system is supposed to serve—patients.