In exchange for the short-term bailout, the automakers will be saddled with an overseer, dubbed the "car czar," who will be "in charge of setting guidelines for an industrywide overhaul, with the power to revoke the loans if the carmakers [aren't] taking sufficient steps to reinvent themselves." In other words, General Motors, Ford, and Chrysler won't be running General Motors, Ford, and Chrysler anymore. Instead, the feds will be running them all. And why not, the government has already claimed a stake in the banks.
Brilliant, don't you think, central planning has worked so well everywhere it has been tried.
Memo to Congress: Please stop the madness.