Think Outside of the Box
After much sturm und drang, Detroit's automakers finally got what they wanted: a bailout. They were sent back with homework after their first visit to Washington. But their second visit was rebuffed when the Senate refused to approve the package endorsed by the Bush administration and passed by the House. The next week, though—last Friday—the White House finally agreed to divert $17.4 billion of the Troubled Asset Release Program funds to General Motors and Chrysler ($13.4 million immediately and $4 billion more for GM later).
Unlike the bailout money given to...