When a company gets bailed out with taxpayer money, why is it not owned by the public now?
In: Economics
Public ownership of companies is considered evil socialism in Canada thanks to the Cold War. There’s a reason Brian Mulroney came in and sold off 23 profitable crown corps during the 1980s. That Reagan/Thatcher brain rot of “government isn’t the solution, it’s the problem” still infects conservatives and many liberals. So, naturally, despite private ownership being what caused these companies in question to go belly-up, the talking point remains that private ownership is more efficient and better for blah blah, so once the public sector bails out the private sector it’s only right and natural to hand back all power, control, and profit to the private sector.
You likewise saw it in 2009 after Obama bailed out the US auto sector. They basically bought the companies and then sold them back to private hands for peanuts just to save the companies from their own mismanagement.
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