More on the auto industry

Robert Weissman over at Znet echoes my call to consider nationalizing the U.S. auto industry. He also shares my belief that the double standard for the auto and finance industries "reflects an anti-union and anti-blue collar animus" among "many policy makers and opinion leaders".

To be completely honest, I would not be upset if we provided the auto industry with a bailout, with firm conditions attached, instead of nationalizing them. What's most important is that we do something to save these companies and thus prevent the enormous economic devastation, on the lines of as many as 3 million jobs lost, which will likely follow in the wake of their collapse. We should not let the ideal become the enemy of the absolutely necessary. However, there are some facts we should consider. G.M is now asking for an $18 billion loan but Michael Moore pointed out yesterday that the total share value of GM is just $6 billion dollars. Arguably, if we were willing to sidestep the prevailing belief among the U.S. elite and likely most of the population that private ownership is innately superior and always preferable to public ownership (a paradigm shift of magnanimous proportions, I admit), we might just realize that nationalizing G.M. is a better deal for taxpayers than a bailout.

If we would at least consider the nationalization proposal, Weissman and I would be happy.