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So it was money down the drain after all. GM closing North American plants including in Oshawa is hard on affected people and communities. But it also makes short work of the argument that markets are great in theory but massive government bailouts and subsidies work in practice.

Yes, I said so at the time. And for my pains the Harper Tories gave me patronizing lectures about principles being for chumps and ideologues. Did I say “gave?” Actually it’s “give” because Harper’s new book claims the essence of conservatism is to say one thing and do another.

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Phooey. As John Stuart Mill explained, if something works in theory but not practice the theory is wrong so get a new one. But here it wasn’t.

For my pains the Harper Tories gave me patronizing lectures about principles being for chumps

On Nov. 21, 2008, I ridiculed a Globe and Mail editorial claim that “While there are ample reasons for Ottawa to tell carmakers they don’t deserve taxpayer bailouts, there are also compelling reasons to provide help for weathering the current storm. The trick will be to provide the right help to keep these critical companies afloat without getting stuck in a corporate welfare quagmire.”

Good luck with that, mate. Especially as, I said, “this argument drops any pretence that GM, Ford and Chrysler are winners but urges backing them anyway” without any explanation of how subsidizing failure suddenly went from “unaffordable folly” to “reputable wisdom.” It just somehow became a wise investment because everyone panicked. Do not try this approach with your own portfolio.