Manzi, as so often, cuts to the chase:
A bailout of GM would be a pure exercise of political power to deliver taxpayer funds to one organized group of citizens at the expense of the country as a whole. It should be avoided.
Rewarding failure is the central characteristic of the Bush administration. Obama pledged to be the un-Bush. Don't do it!
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2008/11/whats-wrong-with-bankruptcy/208658/
