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Obama is not favoring the automaker fatcats. He is favoring the UAW rank and file and their unsustainable legacy costs. That's his base as a democrat in Illinois (with heavy influence from the Chicago machine).

Whether or not he considered if those unsustainable costs could lead to the demise of the US auto industry I cannot say. However, he may want to consider the Panodora box he has opened....the legions of corporations that will come to him looking for a similar gift.

Nevertheless, while this idea is boneheaded at best (and the Dems call Bush incompetent?) what is scary to me is that a junior Senator with no track record AT ALL is getting this much attention
as a possible president.

God help us save the nation.

Milton Friedman called the situation "The Suicidal Impulses of the Business Community" (a title of lectures he had done) in his interview with Russ Roberts on EconTalk. A particular business will push government to act in that business's interests to restrain its competitors. It may be wrapped in the noble purpose of giving healthcare to workers or saving jobs, but this is a push away from free markets.

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