White House Admits to Keynesian FAIL?
WSJ: “The White House said Wednesday that taxpayers could lose roughly $14 billion of the money spent on auto industry bailouts“.
Funny. Just last week – or the week before that – I was at the gym incidentally watching MSNBC ‘s Ed Schulz proclaiming that all the Congressional Republicans who dared to describe the auto bailouts as a waste of taxpayers’ money were dirty liars…or something like that. You know, your typical Ed Schulz fare. I wonder if he’ll apologize to them when he’s allowed back on the air?
Of course, the White House didn’t just say the above. They added that “while ‘there is no joy’ in acknowledging that loss, the bailout succeeded in saving jobs and preventing a broader industry collapse”. That’s some pricey success, isn’t it?
So what they’re saying is that the $14 billion loss was worth it and maybe even necessary? That’s a little hard to accept as even making some sense. Ford Motor Co. is part of the same industry, employs the same unionized workers, accepted no bailout funds…and yet is thriving. But then again, I don’t expect anyone at the White House to be able to tell a good investment from a bad one…
