Peter Schiff has a searing analysis of the administrations plans for “restructuring” Chrysler. Read it here.

Schiff concludes: “Giving control of Chrysler, and soon GM, to the UAW and the government will enshrine a culture of failure and seal Detroit’s fate. Both companies will become government-sponsored entities, not too dissimilar from Amtrak or the Post Office, forever relying on taxpayer funds to create products of dubious quality.

I suspect that the White House is gleeful at these large steps toward central economic planning. The generals in charge of the attack on capitalism are thinking, “The commanding heights are almost ours!”

On the same topic, a letter writer in today’s WSJ nails it: “Allowing the junior creditor, the UAW retiree health fund trust, a 55% equity state over the senior creditors is simply unheard of and is obviously nothing but a transparent payback for Mr. Obama’s past union votes and continuing union support.”