For a good summary of the arguments for and against bailing out the auto industry, see Becker and Posner. It's rare to see them disagree; usually they take the same side of an argument.

I am against bailing out the auto companies. Bankruptcy should mean that you've run out of money and you should try doing something else. I am for unemployment and trade assistance of fired GM employees. There's no reason to give more money to companies that continually made bad decisions and have lost market share.

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