Did Obama actually slam bailouts in the same speech in which he praised the auto bailout?

Sure, it’s back in the sense that General Motors is finally beating Toyota, a Japanese car maker that just saw its supply chain decimated by a Tsunami and a nuclear disaster. And you know what? In a boxing match pitting a lower ranked fighter who’s been given brass knuckles by the ref against a higher-ranked fighter who just broke his ankle, I’ll probably bet on the one with the brass knuckles. But it’s not much of a victory.

And sure, it’s back in the sense that GM is no longer on the precipice of complete fiscal meltdown; all it took was a $50 billion handout bailout copout gift from taxpayers, and a $20 billion tax break. Also: continued public losses as the company under performs. When GM went public, taxpayers bought up a 61 percent stake in its operations at about $33 a share. So I suppose Obama was right about one thing: The auto bailout was a bet of sorts; in order for the public to simply break even, GM’s share prices would have to rise to roughly $51. As of yesterday evening, shares are trading at $24.75. The company’s investors—that would be everyone who pays taxes—are losing money on this deal. This is straightforward industry favoritism, and it’s not particularly fair to the millions of American workers and taxpayers who play by the rules, but weren’t bailed out, and are now having to foot a giant-sized bill for a company that was.