10. Rebound of GM and Chrysler After Bankruptcy.
The saga of GM and Chrysler mattered in several ways. The bailouts and bankruptcies saved tens of thousands of jobs, not to mention U.S. pride and morale—which count for a lot in the real economy, confidence being a precursor to economic life. The Obama administration also surprised skeptics by forcing both Chrysler and GM into bankruptcy. Though there was serious doubt they would survive it appears both GM and Chrysler have weathered the storm and eventually return to profitability. The fact that both are still around and starting to sell cars once again vindicates the idea of a greater public role in the markets. The government’s intervention proved to be a wise move so expect more public expeditions into the private markets. Now that GM has ousted CEO Fritz Henderson, expect brisk changes under chairman Ed Whitacre.

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