Just as was the case with the financial bailout -- TARP -- concern about the stock market led the White House to act with respect to GM and Chrysler.

I am an active investor in the stock market, and still say without qualification that concern about the stock market should not drive national economic policy. History will give this administration an F for its performance during these tough economic times.

From The New York Times:

Shortly before the American markets opened on Friday morning, White House and Treasury Department officials, concerned that steep declines in overseas stock markets could provoke a new round of market panic in the United States, said the administration would consider providing temporary relief.