When President Obama promised “no more bailouts, no more handouts” in his State of the Union address, and declared “it’s time to apply the same rules from top to bottom,” he was either prescribing a total reversal of his current industrial policy, or he was once again using words to mean something they’ve never meant before.

The rest of Obama’s speech suggests the latter: He plans to continue his pattern of subsidizing, regulating, mandating and picking winners and losers, all the while calling it “fairness” and “a level playing-field.”