Godfather Government

A good read from the Economist about how the Obama administration is high jacking the auto industry, not to save it from economic failure, but to ensure its political base gets the assets.

America’s government, keen to protect workers, is providing taxpayers’ cash to keep the lights on at both firms. But in its haste it has vilified creditors and ridden roughshod over their legitimate claims over the carmakers’ assets.

Well isn't that convenient?