Oh, darn, I was so hoping I'd get to see how an "orderly" bankruptcy might work-- the unstructured ones are so messy -- but President Bush apparently chickened out:
The White House has decided to come to the rescue of General Motors and Chrysler by providing them with $17.4 billion in low-interest loans to keep them afloat, ABC News has learned.
The money for the loans will come from the Troubled Asset Relief Program fund, signed into law this fall to bail out the financial industry.
But I'm pretty sure this still qualifies as "abandoning free market principles in order to save the free market." As one who was involved in the late, great effort to save villages by destroying them, I think I'm a pretty good judge of such things.
