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
