Almost 30 years ago I reported for my first job, as a Time magazine correspondent, in the Fisher Building in Detroit, a gilt-laden, art deco marvel, which stood across the street from the headquarters of General Motors. During the past few weeks, as the heads of the auto companies have started pleading for federal funds, I have found myself thinking about those times.

In the 1980s, I collaborated on a book about the automobile industry and, in particular, Chrysler's plea for $1bn of federal loan guarantees. The passage of time has made me wonder why I ever thought the first Chrysler bail-out made sense and reflect on why the prospect of today's far more extensive federal assistance would be a dreadful way to usher in a new presidency.