The U.S. has always distinguished itself relative to its major trading partners by having a higher faith in free markets and a greater respect for the limits of big government. Sure, the U.S. passed a stimulus package now and then, but it also let failure run its course and refused to resort to excessive big- government intrusions into the private sector.
The risk is that we will forget this lesson. First we bailed out the financial companies; now President-elect Barack Obama is asking for $50 billion to bail out the auto companies, an effort backed by Treasury Secretary Henry Paulson. Next we will see a tax credit for people who buy General Motors Corp. cars at stores of bankrupt retailer Circuit City, provided they use the car to go to a Detroit Lions game.
A look at economic history suggests that the crazy policy intrusions have to stop...
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