Mark Steyn: We're in the fast lane to Bailoutistan
Besides Detroit, California and New York are in sad shape.
"See the USA in your Chevrolet!" trilled Dinah Shore week after week on TV.
Can you still see the USA in your Chevrolet? Through a windscreen darkly.
General Motors now has a market v More..aluation about a third of Bed, Bath & Beyond, and no one says your Swash 700 Elongated Biscuit Toilet Seat Bidet is too big to fail. GM has a market capitalization of about $2.4 billion. For purposes of comparison, Toyota's market cap is $100 billion and change (the change being bigger than the whole of GM). General Motors, like the other two geezers of the Old Three, is a vast retirement home with a small money-losing auto subsidiary. The UAW is AARP in an Edsel: It has three times as many
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