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Andrew Grossman lays out multiple failings of President Bush’s announced plan to bail out the auto industry.
Besides being illegal, the bailout is immoral and foolish — and fattening.
Illegal because the funds come from TARP, which Congress earmarked for financial institutions not auto makers.
Immoral because it subverts the democratic process, disallows accountability and puts off needed reforms.
Foolish because it doesn’t solve the problem — at the same time doing too much and nowhere near enough.
Fattening because it increases the reach of the federal government into the private sector.
Mr. Grossman concludes:
Bailing out the automakers is legally wrong, economically wrong, and actually counterproductive to turning around these troubled businesses.That’s a terrible trifecta.
What a sorry way to end a presidency.
Tags: auto bailout, Business, economic crisis, Politics, tarp
