Bush Won't Allow?!

The heading of this article is just mind blowing.

Bush won't allow disorderly collapse of autos: White House

Jeez! Bush won't allow? Who gave him the power? (Hmm..sounds familiar right?) The thing is, this is what Americans wanted him to do LAST MONTH! No, not give the automakers money; help them cut the red-tape and quickly go through bankruptcy! As George Mason economist Don Boudreaux writes,

The point of Chapter 11 [bankruptcy] is to restructure those firms whose products still likely have a significant market but whose balance sheets have gotten seriously
out of whack. In the case of the Big Three, a major problem with their balance sheets is that these corporations each caved in to the UAW and promised their workers pay, employment conditions and fringe benefits far in excess of what these workers produce in a competitive environment.

During the past month, all we have heard is that if the Big 3 go bankrupt, everything will up and disappear, but that isn't the case. Bankruptcy is the best option and an orderly one is preferable to a lengthy, drawn-out, havoc-filled process.

Here is hoping Bush finally gets something right by NOT giving the automakers money but offering his support to quickly restructure these firms in bankruptcy court.