To Disagree

President Obama is mad that some hedge funds, holders of bonds issued by Chrysler, were unwilling to accept the terms offered by the administration. Their reluctance is being blamed for Chrysler entering Chapter 11.

The blame for Chrysler's mess belongs with the management, labor unions, and owners. The hedge funds likely belong in that group, but what is not clear is how anyone has the obligation to sacrifice in these situations.

Shared sacrifice is likely to be a continued theme as spending for the President's proposed program and existing entitlements increases. Megan McArdle takes a look at what the Obama Administration has accomplished in its first 100 days, and what it aims to do.