As you've probably heard by now, Obama is sending General Motors to file for Chapter 11 bankruptcy. And, as you've also probably heard, the United States will become the majority shareholder of the restructured company, with 60% of the stock. Nationalizing a large car manufacturer is interesting and controversial for all kinds of reasons (is Ford, the "last American car company," now competing with America?), and I think Jon Cohn is making some good points here.
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