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The new overwhelming competitive advantageIt doesn't depend on the free
market
Via our friends at Sunni and the
Conspirators comes this story about the FDIC backing the debt from GE's finance unit.
Ladies and gentlemen, this is the scary sentence. I'm going to make it red. For GE, up to $139 billion in short- and long-term debt is guaranteed, putting GE on the same footing as competitors who also have federal backing, GE said. Why is this so frightening? Because it is now an overwhelming competitive advantage to have a company's debt guaranteed by the FedGovs. Nothing about what consumers can repay. Nothing about what stockholders want. Nothing except the dictates of government. Which is mostly why we are in this mess to begin with. 
Posted: Sat
- November 15, 2008 at 02:14 PM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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