What’s the Point of Bailing Out the Auto Industry ?

Comme cet article du NYT est en Anglais, je résume :

Le sauvetage de l'industrie automobile ne rentre dans aucune des catégories où l'intervention de l'Etat sur le marché est considérée comme bénéfique. On doit donc en conclure que c'est du pur clientélisme aux frais du contribuable.

Bien sûr, cette conclusion est américaine (quels cons, ces Américains) et ne doit pas être transposée à la France, pays de l'unanimité relanciste :-)

Les Américains me font chaud au coeur : certes, ils font un peu n'importe quoi, mais certains résistent tout de même à la dilapidation de l'argent public. En France, nulle résistance, c'est un concours à qui proposera l'idée la plus baroque pour jeter de l'argent public par les fenêtres.


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December 11, 2008, 2:55 pm

What’s the Point of Bailing Out the Auto Industry?

By Daniel Hamermesh

Governments intervene in markets all the time — and they should, in order to make markets more competitive; to solve problems of externalities (which are ubiquitous); to resolve difficulties caused by individuals’ shortsightedness, including the spurring of innovation; and to reduce transactions costs.

Where does the auto bailout fit in?

It certainly doesn’t make markets more competitive; instead it subsidizes American oligopolists. It certainly doesn’t spur innovation; while the provisions may talk about this, bailouts have proven to be a poor way of getting firms to innovate.

It doesn’t reduce transactions costs; Chapter 11 bankruptcy procedures exist for that purpose, and they do well at it. The only possible economic argument might be fear that a bankruptcy by G.M. might spook many other markets. What about a bankruptcy by Wal-Mart? It’s much bigger than G.M., so wouldn’t the spooking effect be bigger?

Let’s face it — the bailout is purely political, pushed by troglodyte companies and their unions of high-paid workers, and helped by their agents — elected representatives from the many states in which auto production occurs. Once again, as was true with the Chrysler bailout of the late 1970’s, the taxpayer will take a beating. To quote the old protest song, “When will they ever learn?”