General Motors fell on its sword today essentially offering itself up for nationalization. In a previous post entitled “Good Money After Bad” I warned of the evils of government intervention into private enterprise, and now I’m afraid we’re about to reap what we’ve sown. Nothing good comes of bailing-out failed entities. The only thing this exercise in frivolity accomplished was to delay the inevitable, and to waste more taxpayer money. The “Financial Times” had a good piece on this sad moment in American history which I would recommend reading.