1) I imagine my conservative readers will like this story. The thesis is that when the government tries to pick winners and losers, it wastes money. This is especially true when the government is trying to pick winners and winners, as it did during the darkest days of the recession.
After Lehman's failure, the official line of the U.S. government was: If you're in trouble, you get a life jacket. GM, Chrysler, AIG, Fannie, Wall Street, states, the unemployed. Our economy turned into an Oprah episode. "You get a life jacket! You get a life jacket! Everybody gets a life jacket!" That's an acceptable way to reduce uncertainty in an economic calamity, but it's not a good way to run an economy long term. Fair point.
2) MC's analysis is complicated and undermined by the suggestion -- made explicit in the Weekly Standard cover image -- that this is all Obama's doing. Not so. The first auto bailout was passed under Bush. The bank bailout bill known as TARP was passed under Bush. The Fannie and Freddie assistance, under Bush. The AIG rescue, under Bush. But -- this is so weird! -- I can't find the word Bush once in the article.