Five years ago, in the depths of the Great Recession, the Obama Administration decided to spend billions to rescue General Motors and Chrysler. They were controversial moves, not just because of the massive spending but also because many believed propping up these industrial behemoths was throwing good money after bad. Last month, there was a fascinating discussion at the Brookings Institution on two basic questions: Did we do the right thing in bailing out the two auto companies? And, ...

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