Obamanomics

George Will via Greg Mankiw:

At the Academy of Obama, professors and others devise plans for extracting a new and improved automobile industry from a semi-sort-of-bankruptcy arrangement that -- if it survives judicial scrutiny; that is not certain -- will give the United Auto Workers 39 percent of General Motors, with the government owning 50 percent. During future contract negotiations, will the union's adversary be an administration that the union helped to put in power?

The UAW will own 55 percent of Chrysler, so perhaps the union will sit on both sides of the table in negotiations.

Rewarding failure never works.