The government is acting as if GM’s main problem is that it stubbornly refused to enter the lucrative market for small, fuel-efficient cars. But the market for small, fuel efficient cars is not lucrative–they’re the cars with the thinnest margins. And no one’s making it up on volume, either: at the height of last year’s oil spike, when barrels of Brent Crude were being quoted in first-born sons, small cars soared to . . . 20% of the American market.

Megan McArdle, What’s Good for GM isn’t What’s Good For America