I may have been wrong to oppose the auto bailout. I thought it was a bad idea. It was not that I confused it with socialism like many Republicans seemed so desperate to do but because I lacked confidence in ability of the American auto industry to produce reliable automobiles that people want to buy. I saw this bailout as squandering tax dollars to prolong the inevitable. It is still too early to know with any certainty whether I was wrong, but there are encouraging signs that the bailout has at least helped the U.S. economy. At least in the short term, this may have been a wise decision after all.

I remain unconvinced that the American auto industry can successfully compete in a global economy. With this bailout, they are receiving another chance to prove me and the other naysayers wrong. But even if I turn out to be right on this point, I may still be wrong about the merits of the bailout. Even if the industry eventually fails, it appears to be providing the economy with a much-needed boost right now.

I hope President Obama ends up with far more impressive successes than this one, but I agree that he should be reminding us where we would be without the auto bailout.

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