People forget just how amazingly tight the credit markets were at that time. Extremely tight. To keep it short, the bailouts of both the auto sector and the b

People forget just how amazingly tight the credit markets were at that time. Extremely tight. To keep it short, the bailouts of both the auto sector and the banks were bad, but probably the least bad of a bunch of very worse options. The moral hazard problems with both of them are significant. (It's personally good to fail at the same time as everyone else, because you get bailed out, while we really want systems where failures are independent.)