Bush Bails Out Subprime Automakers
October 6, 2008
Washington, D.C. --President Bush just signed into law what the Wall Street Journal describes as “a low-interest loan package to aid U.S. auto makers.”
“Have we learned nothing from the subprime mortgage fiasco?” said Alex Epstein, an analyst at the Ayn Rand Center for Individual Rights. “We are embroiled in a credit crisis, rooted in government policies that promoted and backed reckless, low-interest loans to subprime home buyers--loans that could eventually cost Americans trillions of dollars in bailouts and losses. And now, when lenders on the private market understandably won’t lend $25 billion to car companies that often shed billions by the quarter, the government is making reckless, low-interest loans to these subprime automakers?
“Obviously, our government has learned nothing from the crisis. But it has taught industry a terrible lesson: you fail, you get a bailout.”
### ### ###
Mr. Epstein is an analyst at the Ayn Rand Center for Individual Rights, focusing on business issues.
Mr. Epstein’s op-eds and letters to the editor have appeared in such publications as the Wall Street Journal, San Francisco Chronicle, Philadelphia Inquirer, Canada’s National Post, and the Washington Times. He is also a contributing writer for The Objective Standard, a quarterly journal of culture and politics. Mr. Epstein has been a guest on numerous nationally syndicated radio programs.
Alex Epstein is available for interviews.
Contact: Larry Benson
Phone: (949) 222-6550 ext. 213
For more information on Objectivism’s unique point of view, go to ARC’s Web site. The Ayn Rand Center is a division of the Ayn Rand Institute and promotes the philosophy of Ayn Rand, author of “Atlas Shrugged” and “The Fountainhead.”