Is GM the New Amtrak?

Taxpayers are still sinking billions of dollars into Amtrak—almost 40 years after buying it. Economist James Langenfeld says the bailout of GM could be an even bigger disaster.

Both Congress and the Obama administration apparently believe a bailout is best for GM, and that “what’s good for General Motors” is still good for America. So we taxpayers appear to be on the brink of owning most of GM. Do we know what we are buying, how long we will own it, and what it will really cost? Perhaps we can learn some lessons from another government owned company, the National Rail Passenger Corporation—aka Amtrak.

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