I think the founders of this great nation and the writers of the U.S. Constitution did an excellent job, and more-often-than-not we should look to the Constitution and its supporting documents (like the Federalist Papers) to learn how to run a government correctly. Its core values, unfortunately, aren’t at the core of our government anymore. The Constitution was predicated on a very simple, ground-breaking doctrine: The power belongs by default to the people, and only those authorities expressly granted to the government by the people (in the Constitution itself) can be validly exercised by it.
If you can find a sentence in the Constitution that expressly gives the federal government authority to partially nationalize our banking and automotive industries, I’ll give you $500. Hint: it’s not in there. Don’t waste your time looking for it.
It might surprise you to know that I don’t think the U.S. Constitution is necessarily perfect. It might surprise you even more (since our schools don’t usually teach Constitutional history very accurately) that the founders didn’t think it was necessarily perfect either. That’s why there were two explicit procedures laid out in the Constitution itself for amending the document (see Article 5) and changing the rules as we go—the House of Representatives (by 2/3 majority) can propose amendments, or 2/3 of state legislatures can call for a new Constitutional Convention to propose amendments (this second method has never been used).
If we really want to give the government authority to nationalize the automotive industry, we can simply add a new item to the list of government powers clearly enumerated in Article 1, Section 8. We’re not supposed to just ignore the Constitution; we’re supposed to change it when needed.