01/22/2009 06:48 pm ET Updated May 25, 2011

Chrysler: More a Stimulus than Bailout

We may have used bailout money effectively.

By giving only a portion of the bailout money, Congress may have done what seemed impossible, it aligned pro -Trade, -Foreign Investment, -American Worker, -Energy Efficiency, -Sustainable Economic Growth interests. Got Detroit to restructure and consumers benefit to boot. By plumping up Chrysler, we attracted Fiat to the table. It in turn acquired partial control over valuable assets that we rightly kept together rather than allowing them to disintegrate in bankruptcy: workers, plants, distribution networks. These are now not only a platform for Fiat to enter our market, they are also an infrastructure for durable domestic growth, and a platform for our own export-led growth.

And we haven't even given them all the promised money--a rare instance of withholding affection pleasing everyone.

Almost everyone . . . now if we grow the domestic and international pie, those firms that have been pursuing energy efficient cars through sensible medium term investment strategies for years will also win from more competition.