Conservative political commentator Kevin D. Williamson has no patience for President Donald Trump or his bid to bail-out unsuccessful companies.
“We live on the dumbest timeline,” Williamson told the Dispatch. “I know this because millions of Americans believed that they had to vote for Donald Trump to avert a national descent into socialism — ‘It was him or the commies, right?’ — and so they sent the malignant little criminal back to the White House, where he went about … setting up state-owned enterprises in order to seize the means of production on behalf of the workers.”
Williamson compared what Trump is doing at companies at Intel to President Obama’s Troubled Asset Relief Program (TARP) GM bailout during the 2008-09 financial crisis. Both programs, he said, are about to flush a whole lot of taxpayer money.
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“The U.S. government ended up losing billions of dollars on its ‘investment’ in GM, and there is every reason to believe that Uncle Stupid’s stake in Intel — whose Ohio-based chip-foundry is foundering because it has no customers — will end in tears one way or another,” said Williamson, a former writer with the National Review.
“U.S. taxpayers lost billions on GM, and GM is still a pi— — poor company that makes inferior products at every price point from $20,500 to $130,000 while p— — away billions of dollars on mismanaged overseas partnerships,” Williamson said. “[The TARP] didn’t even make sense from the political baloney ‘saving jobs’ point of view, inasmuch as GM has shed some 80,000 employees since 2008.”
Obama’s bank bailouts were no better, said Williamson, and also hotly unfair to the competition.
“When a badly run bank gets bailed out by the badly run government, the market concludes — correctly — that the badly run bank has the badly run government’s backing, and access to the badly run government’s magical money machine,” Williamson argued. “That means that the badly run bank can access capital at a lower cost than its better-run competitors, and it uses that cheap money to buy up those better-run competitors and various little fish, creating a much bigger badly run bank.”
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Thanks to government subsidization Williamson said JP Morgan today has a market value four times what it was back when it was “too big to fail.”
“… [C]all that corporatism if the right-wing flavor of the word makes you feel better, but it is simply a half measure of socialism, a government takeover of certain economic assets for the purpose of replacing market forces with political mandates,” Williamson said.
Read the full Dispatch report at this link.