What’s that? The Obama administration made a rash economic decision that’s come back to bit them in the butt? Hard to believe that this gang of geniuses could make a mistake.
The Associated Press reports the bad deal for car dealers:
A report released Sunday by the special inspector general for the government’s bailout program raised questions about whether the Obama administration’s auto task force considered the job losses from the closings while pressuring the companies to reduce costs.
Treasury didn’t show why the cuts were “either necessary for the sake of the companies’ economic survival or prudent for the sake of the nation’s economic recovery,” said the audit by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the $787 billion stimulus program known as TARP.
“Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses,” investigators said.
Those decisions resulted in “potentially adding tens of thousands of workers to the already lengthy unemployment rolls — all based on a theory and without sufficient consideration of the decisions’ broader economic impact,” the report said.
But Tim Geithner said it was a good idea. Tim Geithner said it was necessary. Tim Geithner said…ahhh, screw Tim Geithner and the Pinto he rode in on.
Source: Associated Press
This post was last modified on January 26, 2021
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The car czar stated the reason for closing all the car dealerships was to spread the pain that the shareholders have a cured . So now what we have is redistribution of wealth AND redistribution of poverty
Poor little Timmy G. He just doesn't understand big boy economics. But he is trying, so we should honor the effort and just forget the thousands of lives ruined due to unemployment, cities and states with reduced tax revenue, and generally the total screwing up of the country based on this little a-hole's policies. After all, he didn't mean to cause any real harm.
(Sarcasm disclaimer - This is submission is not intended to offer, nor encourage the forgiveness of the economic and resulting moral sins of Little Timmy and friends. They are the worst thing that could have happened to this country and we may never recover. Father and husband would have added a much more colorful ending, but that is not acceptable here.)