...about the involvement of the federal government in the Chrysler and GM bankruptcies, but I'm convinced the companies would not have--could not have--come out of bankruptcy so quickly without the government's intervention.

Had the two companies been left alone to simply declare bankruptcy without the intervention of the government, the creditors would NEVER have agreed on a plan of reorganization necessary for the companies to come out of bankruptcy. Without the plan derived by the government, the pressure applied to the creditors to accept that plan, and the financing provided by the government in lieu of debtor-in-possession financing typically provided by banks, both companies would have quickly run out of money, with liquidation being the only possible result.

Personally, I don't agree with how the government pressured the various creditors--I think they were far too harsh on the banks and other secured creditors and generous with the UAW--but I'll be the first one to admit that these companies could not have accomplished the "pre-packaged" bankruptcies and come out so quickly on their own.

The results of the liquidation of these two companies would have had disastrous effects on our economy over a long period of time. Say what you will, I don't think any other conclusion can be reached other than that the Obama administration did a superb job in saving these two companies and avoiding the economic nightmare that would have resulted if they had just stood by and permitted them to fail and be liquidated. It was expensive for the taxpayers and set some bad precedents, but overall it was the right thing to do--and it worked!