"We simply cannot ask the American taxpayer to subsidize failure"

You go, Mitch McConnell! Here’s hoping enough GOP Senators stay in line to filibuster the auto industry bailout. From another MM:

The so-called “Wall Street bailout” was different — rather than being focused on particular companies, it actually was a rescue of the entire economy. (Ask somebody from Lehman Brothers if they feel “bailed out.”) Somebody aptly described the financial system as being like a utility — and the government would never allow the electric grid to go down because ConEd or PSE&G ran out of money.

But the problems with the auto industry are tailor-made for a bankruptcy workout. The McConnell speech I linked to above describes why, and is worth reading in full, if you have any interest in the topic. (And hey, a month ago nobody would have suspected that I even cared about the auto industry.)