Economics

Obama's Doctrine of Necessity

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In my column this week, I wondered what position President-elect Obama would take on President Bush's unilateral, legally unauthorized bailout of G.M. and Chrysler, given the former's criticism of his predecessor's above-the-law approach to terrorism policy. Now we know:

President-elect Barack Obama endorsed the plan, calling it a "necessary step" to avoid a major blow to the economy.

"The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry," Obama said in a statement.

Evidently Obama is only against unnecessary abuses of executive power.