Wall Street Likes Government Rescues: Is GM Next?

Wall Street soars. Mortgage lenders are giddy. Foreign governments applaud.

The federal takeover of the two largest private mortgage players in the US - - which their shareholders might call socialistic - - sets a new precedent for government intervention.

So what about other failing companies? Will they be propped up, or saved outright? What about the airlines, and other petroleum-dependent companies?

Midwest Airlines' traffic fell another 23% in August compared to August, 2007. It recently cut its payroll 40% and is outsourcing some flights to a less-expensive regional carrier.

Should the government loan the airline our money or offer other inducements to stay in business?

Bear Stearns got its deal.

GM and the rest of the US automakers are already looking for $50 billion in loans.

What are the lines and limits of this new Republican Socialism happening under a so-called Free Market, GOP President?