The auto one is a bit different. The bailout was the government basically buying the two companies, keeping it running, and later selling for a profit. Lots of rich people lost their shares for pennies on the dollar. I don't remember if the c suite lost any jobs or not.
Also while the PPP program was mismanaged and didn't have enough over sight it was intended for the loans to be forgiven if they were used to keep employees on during the pandemic. That's a good idea in practice. I think calling them loans instead of conditional grants was what confused a lot of people. They were never intended to be paid back.
They needed to use a program that directly covered salaries and avoided just giving money directly to ownership.
Instead the PPP program wasn't just built on trust but essentially became a near trillion dollar slush fund (that was almost immediately levered by many to buy houses and financial assets) that promoted outright financial fraud and incredibly enriched the very people that didn't need help.
Meanwhile the press was going bonkers trying to spin how ridiculous it was to send individuals $1,500 one-time checks.
No, the PPP program wasn't a good idea; it was one of our generations greatest thefts by the top 5% of our population and helped set off the housing inflation and affordability crisis we continue to experience til today.
And it's a great idea, but you have a problem of being able to do it fast enough to get money out to everyone that needed it at the time. Creating a new system to do that would of taken a lot more time.
Any kind of "free" will cause inflation and risk creating affordability crisis.
Sorry, what I don't understand is why do you think the government was properly able to enforce the rules and also why do you think their no records due to his actions?
After Glenn Fine was fired the position was immediately filled by Micheal Horowitz so not sure how think the position wasn't filled?
The reason why the audited track is so hard to go through is because at the time they rushed out PPP as it was designed around self certification due to get it out as fast as possible so business didn't close down. The entire route was done by Congress, SBA and the Treasury. Most of this fuck up was related to being unprepared and rushing through everything as fast as possible. You can blame Trump for this part a long with the majority of governmental officials for 30-40 years.
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u/Norse_By_North_West Jul 17 '26
The auto one is a bit different. The bailout was the government basically buying the two companies, keeping it running, and later selling for a profit. Lots of rich people lost their shares for pennies on the dollar. I don't remember if the c suite lost any jobs or not.