BUY the Big 3

GM, Ford and Chrysler are once again testifying in Washington, this time with a plan. They want $34 billion in loans. Michael Moore has what sounds like a better idea. In his Daily Beast article he suggests that the government just buy them. Pointing out that all of the outstanding common stock of GM could be purchased for about $3 billion, he makes a pretty good case. Detroit would have to put up the companies' assets as collateral, and when they inevitably defaulted on the loans, we'd own 'em anyway. By buying them now we could save some money, dismiss the bozoes who run the 3 outfits, and retool them to make green vehicles, light rail cars, etc., the very things we need going forward. Moore is not exactly one of America's leading economists, and there is probably something wrong with the proposal, but it is entertaining and makes sense to me...