Megan McArdle on the administration's tactics to cut the UAW in ahead of conventional creditors: "Let's pretend that the most important thing in the world, far more interesting than stupid concepts like the rule of law, is saving unions. What do you think this is going to do to the supply of credit for industries with powerful unions?"

P.S. Note, for the record, that the administration is disputing some accounts of how far it went privately in pressuring Chrysler creditors (though there is no doubt that it did apply public pressure to them). More: Coyote.