The Big Three

This WSJ article discusses how "we live in a world where wisdom can be punished and where foolishness can be rewarded" -- i.e., how Ford has managed to avoid having to get government rescue, and may ultimately be left at a competitive disadvantage while its government-spoon-fed competitors get their debts wiped clean and have a bankruptcy restructuring plan crammed down by sheer government clout. Over the objections of creditors. And in violation of the absolute priority rule.