President Bush’s approval of a $13.4 billion “no conditions” loan to General Motors and Chrysler sets the economy on a path to add over $100 billion to the federal deficit and ultimately fail to save Detroit. Apparently we did not learn from the English who spent tens of billions of dollars in a failed effort to save their domestic auto industry. Bush has handed this hot potato to Obama. On March 31st, expect Obama to extend the time for the suggested company operating changes and to loan billions more.

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