Treasury Sec. Tim Geithner (left) and "Steve McCroskey" -- both suffering from delusions...
David Freddoso (over at the Washington Examiner) points out that the Administration's decision to tout its meddling in/with the auto industry is a bit ill-timed: "President Obama and his union allies have decided that the 2012 reelection will prominently feature a defense/justification of the General Motors and Chrysler bailouts. This nascent effort included Treasury Secretary Tim Geithner's op ed in the Washington Post this week, which was both inaccurate and ill-timed."
Geithner's op-ed was also noteworthy because it came the day before GM's stock price plummeted on disappointing May sales numbers. Year-to-date, GM is selling more cars than last year, but its sales were down year-over-year for May. [see chart] And it is selling all those cars only by offering incentives more than 50 percent more generous than the industry average. The company has now lost more than 10 percent of its value since its IPO just seven months ago, and its stock is off about 25 percent from its peak in February. So way to go, taxpayer. And keep your wallet handy, because you're probably going to have to bail them out again eventually."
Maybe the timing will be better...next time?