GM is in Chapter 11, and can socialism be far off?

To the editor:
Common ownership controlling production and distribution of goods and services in lieu of free market principles is a simple definition of socialism.
General Motors and its stockholders enter the clutches of Chapter 11 bankruptcy court. It appears our government, coupled with the United Auto Workers, will hold a controlling interest of approximately 70 percent. Meanwhile, people who invested in GM for many reasons will be left out in the cold. Chrysler investors are also losing their entire holdings. It’s anyone’s guess about the outcome, especially if Fiat complicates the matter.
The government must not guarantee success. Failure of the inefficient must be allowed. We must not guarantee success.
Since when can the government run a business? One example of its expertise and efficiency was when it took over a house of ill repute (Snake Ranch) at Las Vegas for back taxes, and bankrupted it.
Now the alliance of GM, Chrysler and the UAW are champing at the bit to dictate what the consumer can buy. Also, will Ford have to compete with the government? If so, it could lead to a disaster for them because they will be up against an incompetent, and inefficiently managed competitor with unlimited resources to control the automotive market place. Will Ford be punished for refusing the stimulus handout?
The government is now dictating to the banking community. Government meddling in the housing market by placing politics before reality led us to our present financial dilemma. Imagine, buying very expensive houses with no down payment or evidence of financial responsibility. It appears to me the building blocks for European-style socialism are falling to place. Do we want it? Can we afford it? Will it be a disaster?