The problem of nationalization

Summed up in a single sentence by Tyler Cowan, in a discussion of the Fed.Gov takeover of General Motors. GM's board of directors is being replaced.

I am sure that die-hard Republicans will have every chance at equal representation on the new board.

The new rules are different from the old rules, in a way that does not generate optimism for increased industrial output. But some sort of output's fixin' to increase, that's for sure.

Plus this gem:

Theory 1: President Obama replaced Wagoner with Fritz Henderson as CEO of General Motors because he is convinced that Henderson will be a better corporate leader.

Theory 2: President Obama replaced Wagoner with Fritz Henderson as CEO because the A.I.G. public relations debacle taught him not to appear "soft" with corporate leaders receiving government money.

Say what you want about capitalism, at least the game is transparent - you make money or you lose money, and in the long run those that make money survive. When the game is driven by politics, transparency is the first thing to go.