To my mind, this column in today's Wall Street Journal is the most comprehensive analysis of the federal bailout being mounted for GM and Chrysler.

… To become "viable," as Congress chooses crazily to understand the term, the Big Three are setting out to squander billions on products that will have to be dumped on consumers at a loss.

Things may change as time passes, but the effort now underway to "rescue" these companies is a living example of the way that smart (but not always honest) individuals use crisis and fear to get what they want.