The slap fight between Donald Trump and Elon Musk has highlighted the absurdity of keeping so much of our space program and satellite internet infrastructure in the hands of a single oligarch.
It was more than something like a loan, the federal government actually a fair amount of control over the company. It ended up divesting itself once the new, restructured company made its IPO, but during the bailout, the US gov was technically in control, and it got priority over all other interests since the company went private with special financing.
It’s certainly different than other nationalized industries, but it was also much more than a regular bailout.
The GM situation was a more than a bailout, they took complete control of the company, took it private, liquidated some assets, then sold it off in a new IPO.
It’s not all that different from a private equity firm doing the same thing, the major difference is the legal protections the US had (e.g. it got priority over all other creditors). If the US wanted to keep it and run it, it could’ve.
Has US nationalized anything this millenia? I really don’t see that ever happening
Tax burdens for billionaires
Also losses. Gotta get that sweet, sweet too-big-to-fail bailout money.
Airport security was nationalized as the TSA. Aside from that no.
So it takes a spectacular failure of the capitalist grifters? Check.
Technically the auto industry in 2008.
Technically no. Bailout =/= nationalization.
It was more than something like a loan, the federal government actually a fair amount of control over the company. It ended up divesting itself once the new, restructured company made its IPO, but during the bailout, the US gov was technically in control, and it got priority over all other interests since the company went private with special financing.
It’s certainly different than other nationalized industries, but it was also much more than a regular bailout.
I mean if we count bailouts as nationalization, then now we’ve got like some kinda national “socialism” where state and corporate power have fused.
The GM situation was a more than a bailout, they took complete control of the company, took it private, liquidated some assets, then sold it off in a new IPO.
It’s not all that different from a private equity firm doing the same thing, the major difference is the legal protections the US had (e.g. it got priority over all other creditors). If the US wanted to keep it and run it, it could’ve.