President Bush threw a $17.4 billion lifeline to GM and Chrysler yesterday, and the papers are trying to figure out who came out a winner. One early nominee: Ford. Since Ford is in a less precarious state than its rivals, it won’t have to submit itself to government interference. But according to The Wall Street Journal, Ford will share in the concessions GM and Chrysler “exact from the suppliers, unions, dealers, and debt holders.” Another big winner: President-elect Obama. He got a bailout, but one in which the Bush administration offered only short-term solutions and left the real work to him. This gives Obama maximum flexibility to maneuver, while providing him with political cover during the lame-duck period.
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