The betrayal of the regulators is appalling. Paulson will have zero legacy when this is said and done. Bailing out every Tom, Dick and Harry with taxpayer money (OUR money by the way) is like putting a band-aid on a cancer.
There is no rationale for this auto industry bailout. Maybe 10 trillion of wealth has been lost on paper in the US financial markets. We don't need any more GM cars. If they built a competitive car with the Japs they wouldn't be in this mess in the first place. Trillions more are at risk with this move and the American taxpayer is losing confidence in these morons. It was all about election politics to begin with.
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