The bailouts were worked for the politically important United Auto Workers. For pretty much everyone else it wasn’t such a good deal.
(From The Library of Law and Liberty)
But it doesn’t justify everything else that truly characterized the bailouts: the heavy-handed intervention of the Obama administration to transfer taxpayer dollars to powerful political allies, use of its leverage to plunder the property rights of less-politically connected Americans, and to turn America’s largest automaker into a vehicle for off-budget political policymaking. To argue that a temporary crisis in credit markets somehow justifies the cronyism and lawlessness that define the bailouts is to allow the tail to wag the dog.