Actually there were people who pointed out

the disadvantages of taking good used cars off the market, both right here in SE and in tv news talk shows.

It wasn't as severe here as a couple of European countries I suspect, since if I recall correctly two or three of them had only the provision it be over a certain number of years old, no other condition.

If the target was gas guzzlers, as sometimes it was insinuated, the qualifying condition should have been the official mpg of the car being traded in and the car being traded in on.

It probably helped GM and Chrysler stay in business. While not a huge fan of the government buyout of the auto companies, I do fear it would have been worse if GM and Chrysler had gone totally out of business.

As for Obama being a CEO, while it wasn't perhaps that completely taken over by the government, GM had to give a lot of oversight and approval of operations to the government while it was using the government money. Officially most of that has been repaid, although there is debate about did they pay it back with government money from gants, etc.

A bit like the European countries paying back WWII loans for rebuilding to the US with money the US gave them in out and out grants later.

But your sarcastic criticism that no one foresaw a used car shortage is completely wrong.