General Motors had a very successful IPO last week, and the Obama administration is taking justified credit for bailing out GM instead of letting it die in a forced liquidation in bankruptcy.

It’s hard to argue here with success. The administration took a huge amount of grief for this decision, and it clearly hurt the President and the Democrats in the midterms, but this was the right decision. The auto industry is thriving, and we avoided a death spiral in the auto industry and the supplier base that would have occurred under a forced liquidation.