Last year, The Durango Herald editorial board heaped praise on the auto-industry bailout that started during the last few months of the Bush administration and was greatly expanded by the Obama administration. In 20/20 hindsight, it’s apparent this structured bankruptcy not only hurt bond holders, but it lined the pockets of the United Auto Workers union.

With the remaining shares of Chrysler purchased from the UAW retirement fund by Fiat (they got those shares at no charge from the federal government), Chrysler is now an Italian company for all intents and purposes. Taxpayers ended up losing $13 billion on GM and Chrysler – to say nothing of the millions and millions of dollars in guaranteed bonds allowed to be confiscated by the government from individuals.

In typical liberal thinking, the editorial board justified the bailout under the guise of saving jobs. There are countless companies (think: airlines) reorganizing under current bankruptcy laws that don’t shed all that many jobs and emerge from these situations without job loss – or more importantly, wasting taxpayer dollars.

Since the Herald is big on contests, let’s have an essay contest on how $13 billion could benefit the average citizens living in Colorado.

Of course, Herald employees could not enter as they’ve already proved they lack fundamental business-economy skills.

Dennis Pierce

Durango