Bailout Cartoon

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This requires a modification of the old adage about throwing bad money after good. This is throwing bad money after bad.

What amuses me about the “Obama rescued the auto industry from bankruptcy” meme is that people don’t seem to know what bankruptcy is. United Airlines went banktupt some years ago, and it’s still flying all day every day. People seem to think that if GM had gone bankrupt, all GM employees would have lost their jobs that day, and all GM dealerships would stop selling cars that day, and all GM cars would stop functioning that day! . . . It’s called “bankruptcy protection,” and businesses can re-organize and come out better!