You can get dizzy -- and maybe a little sick to your stomach -- listening to all of the election year niff-nawing about what Washington wants to do with our tax dollars. When you stack the looming bailout of Wall Street on top of suggestions for new programs, such as single-payer national health care, it looks like a crushing heap to most taxpayers.
Obviously, our health care needs system needs work. It's too expensive and not everyone can afford private health insurance. But if the politicos want to prioritize our needs as a society, socialized legal care might make more sense than socialized medicine.
I was stunned when Delphi Chairman Steve Miller mentioned to me that legal fees in the supplier's bankruptcy case already are about $300 million. That's $300 million that was sucked out of the enterprise so that it could add absolutely no value to any of Delphi's stakeholders. That's $300 million that could have been used to develop new products, build factories, reduce debt, etc., etc., etc.
There needs to be more reasonably priced legal care for indigent American individuals and companies. Something needs to be done to stop attorneys from sucking so much value out.
We yet may end up with socialized medicine, but we'll probably never see anything that cuts the waste in legal spending.
There are just too many lawyers in Congress.