(Newser Summary) – Barack Obama isn’t in the Oval Office yet, but he’s already passed his first presidential test “with flying colors,” in Steven Pearlstein’s book. With Democrats ready to roll over for the not-so-big three, and Republicans stonewalling, Obama broke the stalemate with just the right bankruptcy-then-bailout. Shareholders, the companies, and unions must be forced to come together to restructure the company. Here’s what that might look like:
The rationale for rescuing auto companies is the same as it was for rescuing Wall Street banks — they're too big and too interconnected to the rest of the economy to be allowed to fail. - Steven Pearlstein
