Gettelfinger Motors.

The author argues against the move by U.S. President Barack Obama to nationalize the automobile industry in spite of his opposition to government ownership of automobile companies. The implication of the proposed restructuring plan for General Motors for bondholders is examined. The negative consequences of squeezing bondholders for the industry are discussed. The author also claims that the government's move benefits the United Auto Workers union that is closely tied to the Democratic Party.