What's Another Two Billion Dollars
It's only money, right?
Apparently that's the attitude of Obama, his administration and his tele-prompter. This week, we, the American taxpayer, loaned another 2 billion dollars to General Motors.
This, coming mere days after the administration told GM to prepare to file bankruptcy this summer.
The Treasury Department said today that it lent the additional money to the troubled automaker to provide working capital. The loan pushes the amount of GM's government aid to over 15 billion dollars.
Furthermore, a government report revealed earlier this week that the Treasury was planning to provide GM another 5 billion dollars in bailout money. In addition to all of this, the automaker's financial unit, GMAC, has received $5 billion in government (taxpayer) money, plus GM received a $1 billion loan to buy more equity in GMAC.
Does this make sense to anyone?
5 comments:
Nope. Let 'em fail. Seriously. Obama and Bush are both equally culpable here. Bailouts are not the answer. Let them fail and something else will take its place. Hopefully something with better business practices.
I'd love to see them fail, but what's going to happen is that the government is going to effectively own and run GM- exactly what the Obamessiah said a few weeks ago wouldn't happen. GM will never be able- or be allowed - to pay off this debt.
James, I'm not sure what you meant about both being responsible. If they are both responsible for the bailout, I agree. If they are both responsible about the condition GM is this is not true. Neither is. This GM mess took more than 30 years to create. I live in Michigan and have followed GM closely in that time. They have soent the last 3 decades running the company into the ground. I agree, let them fail.
I agree, let them fail & something else better will take its place. No more Bailouts!!!
The words government and sense can not be in the same sentence!
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