Quote:
Originally Posted by cnredd
"When was the last (FIRST!) time the government involved itself in free-market enterprises and ran it successfully?"...(Answer - NEVER)...
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Wrong:The Chrysler Bailout was "government involvement",perhaps not at the level we see today but none the less..it was involvement.
The year was 1979. Jimmy Carter was in the White House. G. William Miller was Treasury Secretary. And Chrysler was in trouble. Would the federal government help save he nation's number three automaker?
Economist John Kenneth Galbraith suggested that taxpayers be "accorded an appropriate equity or ownership position" for the loan. "This is thought a reasonable claim by people who are putting up capital."
Under the leadership of Lee Iacocca, Chrysler doubled its corporate average miles-per-gallon (CAFE). In 1978, Chrysler introduced the first domestically produced front-wheel drive small cars: the Dodge Omni and Plymouth Horizon.
In 1983, Chrysler paid off the loans that had been guaranteed by US taxpayers.
The Treasury was also $350 million richer.
What Was The Chrysler Bailout? - Political History: The Chrysler Bail Out