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Reason Foundation's Shikha Dalmia, based in Detroit, writes:
"The president seems to think that there is nothing that G.M. has that a visit to bankruptcy court won't cure. Amputate its liabilities to bondholders, excise all its promises to unions (no, actually, scratch that one, that didn't quite happen) and, presto, it'll be ready, once again, to kick some foreign ass.
"If only!
"Chapter 11 is certainly a necessary - and a long overdue - condition for G.M.'s return. But it is not a sufficient condition. What G.M. also needs is a winning business model...
"Far from returning the $50 billion, G.M. is likely to become an unquenchable money-guzzler that taxpayers will have to feed for many, many, many years to come."
A Green Ride for Government Motors
Jacob Sullum: How Not to Run GM
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