AS AN EXERCISE in chest thumping, the Democrats’ convention display of self-congratulations for the GM bailout was extraordinary. In his speech, President Obama mentioned the auto deal three separate times. Joe Biden mentioned it five times, while Jennifer Granholm, the liberal TV host and former Michigan governor, screamed about it — literally — at least 20 times.
The Democrats’ bailout euphoria illustrated their utter lack of reservations about letting government choose both winners and losers in the economy. It was a celebration of intervention by a president who is more than willing to play economic favorites no matter the cost. And it showed that they’ve learned all the wrong lessons from a sad moment in our economic history.