Not since President Harry S. Truman seized the American steel industry in 1952 has America seen such a bold exercise of federal power over a vital organ of the U.S. economy.
As details emerge in bankruptcy proceedings, it is clear Rattner has both the president's absolute trust and a go-for-the-jugular instinct. He was not interested in a mundane, outpatient treatment for suffering Chrysler. The president wants major surgery on Detroit's auto industry, and Rattner is running the operating room.
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