Car rescue: General Madness

Think restructuring banks is hard? The US car industry’s problems are even harder to solve. Undaunted, the Obama administration seems determined to take on this formidable task. Monday’s auto rescue package is rightly aggressive. It demands much steeper cost cuts than Rick Wagoner had been contemplating for General Motors before he was ousted as its boss this weekend. The once mighty carmaker now seems destined for bankruptcy – a fate Wagoner fiercely resisted. Smaller and weaker Chrysler has on...