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Sep 9, 2009 - No, Really??

If you didn't see this one coming you must have been born yesterday.

The federal government is unlikely to recoup all of the billions of dollars that it has invested in General Motors and Chrysler, according to a new congressional oversight report assessing the automakers' rescue.

The report said that a $5.4 billion portion of the $10.5 billion owed by Chrysler is "highly unlikely" to be repaid, while full recovery of the $50 billion sunk into GM would require the company's stock to reach unprecedented heights.

I don't know about you, but I'm shocked that throwing money at a dying company like GM didn't just turn things right around. Oh wait, Cash for Clunkers restarted car sales and all was fixed, right? And some people wonder why folks are skeptical about the government getting involved in anything.

Read more at the Washington Post

2:59 am | Categories: automotive news, legislation
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Comments
pf_flyer - Sep 9, 2009 11:03 am
Here's an radical idea... let's stop spending more money we don't have until we figure out how to NOT throw money down black holes like the auto bailout without doing the math. A fair number of people had doubts that the bailouts made any sense, but we were all assured we'd get this money back with interest. Yea, right... and we have a way to pay for this healthcare boondoggle being proposed too.
jeffyscott - Sep 9, 2009 9:26 am
From the Wash Post story: "The report also recommended that the Treasury Department act with more transparency and provide a legal analysis justifying the use of financial rescue funds for the automakers. The report was prepared by the Congressional Oversight Panel, which is overseeing the federal bailout programs." Give me a break, Congress basically begged the executive branch to use the financial bailout money in this illegitimate way and now they say "explain to us how this was legal".
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