LaHood's Toyota panic

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LaHood's Toyota panic

Updated: February 7, 2010 - 11:26 AM

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LAHOOD'S TOYOTA PANIC

A warning or shrewd business move?

Transportation Secretary Ray LaHood put Toyota's stock price into free fall Wednesday, telling a House committee that Americans with cars made by the Japanese auto company should stop driving them.

LaHood was addressing an issue of some significance: Toyota's recall of some 2.3 million vehicles due to a faulty gas-pedal design. "My advice is, if anybody owns one of these vehicles, stop driving it," he said.

But the company says the cars are safe to drive until repairs can be scheduled -- and LaHood swiftly backtracked.

On its surface, LaHood's gaffe is just the latest instance of foot-in-mouth thoughtlessness for which the Obama administration has become famous. (Remember when Vice President Joe Biden, at the height of last year's swine-flu scare, warned New Yorkers to avoid public transportation?)

But is there a back story here? After all, Team Obama last year acquired a majority interest in Toyota's No. 1 competitor -- Government, er, General Motors -- with billions in bailout cash. Now, GM can only benefit from Toyota's troubles, right? So, was there ...? Nah. Couldn't be. LaHood's comments were probably completely innocent.

Still, the federal government is no longer presumptively an honest broker. Which is just one more reason why Washington shouldn't be in the car business in the first place.

NEW YORK POST

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