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Someone lets TIm Geithner out of his sound-proof box on the weekend, and now today we have the inevitable clean-up operation with President Obama saying he won’t let the U.S. auto industry “simply vanish”.

Of course we won’t let it simply vanish. We’re much more likely to let it expensively atrophy. Doing the former would require an ability to make tough decisions that is simply absent in politicians. Doing the latter merely means kicking a decision own the road until the next election cycle.