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The US government is undertaking a historic expansion of its role in American industry with interventions that are economically risky, even as it aims to cushion America from a deep recession.
Chrysler’s bankruptcy filing last week underscores the depth of the federal government’s involvement in some of the biggest names in American business, from General Motors to Citigroup.
Neither President Obama nor President Bush before him espoused any desire to run car companies or banks. But the federal role is rising all the same, based on the concern that the failure of vital companies could cause lasting damage to the economy.
Added on: Mon May 04, 2009 11:40 am by :
RupertWBradson
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