For a guy of his caliber, it should be obvious. In the case of Chrysler, the federal government, DIDN'T write a check. It provided a loan guarantee so that the bankers could loan Chrysler. Here he is advocating an outright welfare dole. Chrysler's case was like building Hoover dam. There is a definite place and method to erect a dam. The housing bust is like solving global warming. No body knows what is a good solution.
Side note: Yes, the feds "bailed out" Chrysler. But look where is it now. It is still a weakling that sucked Daimler dry and is going to suck Cerberus dry. Good things rarely happen in capitalism when rowing against the current of market forces.
