Marc lists five political challenges posed by the GM bankruptcy. Number 1:
Convincing the country that this restructuring -- and they'll call it a "restructuring" -- is an inevitable consequence of a process that began during the Bush administration. So far, the public seems to believe this, but the longer the government fiddles with the industry, the more Obama will be seen as the fiddler.
Richard Posner minced the bankruptcy into easily digestible pieces last week.