I think that the Obama people think they can control the auto industry whether they go bankrupt or not.
They are essentially saying they intend to meddle with the bankruptcy proceedings anyway, according to the article I cited. So they can get their pound of flesh that way.
The other evil that is still to come is card check. If THAT crap passes (and the Dems can alter procedures to ensure it does), there’s no “renegotiating.”
Obama doesn’t want to keep pouring government money into the auto industry because he knows that is unpopular; he simply wants to control what they do, how much they pay, and what kind of cars they build.
So he's a National Socialist, in other words, a FASCIST!