The Wall Street Journal reports today that the Treasury Department is resisting a push by General Motors executives for government to sell its entire stake in the automaker.
Oddly enough, just today we also learned that the Obama administration is launching a complaint at the World Trade Organization over China’s allegedly unfair backing of its auto industry. The United States will charge the Chinese government with subsidizing auto and auto parts producers from 2009 and 2011 to the tune of $1 billion. Protectionism is vital, apparently, when campaigning in Ohio.
Remember, when President Barack Obama engages in nationalization, he’s making a gutsy call and “saving” the American auto industry. Democrats brought up the bailout 150 times during the Democratic National Convention. It was such a gutsy call, in fact, that U.S. taxpayers, who rescued the heavily unionized automaker, now own around 26.5 percent of the company.