Successful Bailout?

Here's a letter to the Wall Street Journal:

Paul Ingrassia is too quick to declare Uncle Sam's recent bailout of G.M. and Chrysler "an unexpected success" ("Two Cheers for the Detroit Bailout," August 2).  First, the passage of a year-and-a-half isn't long enough to justify drawing any such inference from the reversal in these firms' income statements.

Second – and more importantly – the chief economic case against the bailout was not that huge infusions of taxpayer funds and special...