The Big Three automakers seem ready to settle for a $15 billion bailout that will probably do very little good and considerable harm.

They’re thinking too small. Much too small.

If they model themselves on the public school system, as I suggest in a new Cato Commentary, they will have a truly risk-free business model in which they will be well protected from the rigors of competition and fickle consumers.

Update: It seems I’m not the only one to see the merits of modeling the auto industry on our famously efficient and successful school monopoly. Jay Greene proposes an NCLB act tailored to the automakers.