Remember when we, the taxpayers, bought Government Motors. Remember we were told this will make money and not cost us anything. Well, GMAC has its hand out again for $5B and Chris, what cheap mortgage, Dodd is all ready to throw more money down the GM rathole.
A look at how the GM bailout was supposed to go.
By Stephen SpruiellGMAC, the company that finances car purchases for GM, has already received two infusions of taxpayer assistance totaling $12.5 billion. Now, the feds say it needs up to $5.6 billion more. Sen. Chris Dodd, chairman of the Senate Banking Committee, was
among the first to break the news. “There will be an infusion, I’m told, beyond what they’ve already seen,” he told the Dow Jones news service. “But I’ve also been assured by the administration that this is the last of it.”
Really? Bear in mind, this is the same Chris Dodd who called Fannie Mae and Freddie Mac “viable, strong institutions” a few weeks before they collapsed into a sucking vortex that vacuumed half a trillion dollars out of the U.S. Treasury. The taxpayers’ commitment to GM, including the previous two GMAC bailouts, already stands at $62 billion. The failed automaker and its federal backers have promised us much in return. How are those promises holding up?
1. GM will not require more taxpayer money.
2. Taxpayers will get a return on their investment.
4. GM will maintain transparency about its finances.
Read the full article here to see how we may never see a dime back and how the promised transparency of GM is just more Blue Smoke and Mirrors.
http://article.nationalreview.com/print/?q=ZjJjZmEwMGUwZDM1ODE1ZDA2MGE0ZGMzYjA1NzVhNmM=
Would this be from the same people who have told us that they know how much the health care bill will cost us, and tell us that it’ll all save us money?
Dana Pico:
Would this be from the same people who have told us that they know how much the health care bill will cost us, and tell us that it’ll all save us money?
It’s even the same group that said Medicare prescription Bill would “only” cost $400B. And the group that said Social Security was solvent, and Medicare would cost $65M. I think we’re seeing a pattern of people who have broken or no calculators at all. Personally, I think they pull these projections right out of the rectal orifices.
If this group worked for Construction Companies as Estimators, they wouldn’t last a week. They would order 20 cy of concrete from you knowing full well they need 40cy, but would expect it to magically appear on site.
Yorkshire wrote:
No, actually: they’d order 20 yd³ thinking that 20 yd³ would do it, when anyone with eyes could see that it wouldn’t be close, and then they’d accuse me of shorting them when 20 yd³ didn’t do the job.
Dana Pico:
Yorkshire wrote:
If this group worked for Construction Companies as Estimators, they wouldn’t last a week. They would order 20 cy of concrete from you knowing full well they need 40cy, but would expect it to magically appear on site.
No, actually: they’d order 20 yd³ thinking that 20 yd³ would do it, when anyone with eyes could see that it wouldn’t be close, and then they’d accuse me of shorting them when 20 yd³ didn’t do the job.
The real answer is they order 20cy, you send them 40cy, bill them for 20cy at 225% x the price per cy and give them a 10% discount and they’ll say what a bargain they got.
Forget GM. Leave them to themselves. Not one more dime of our money for their criminal enterprise. Enough!
A commitment, or a prediction, not completely fulfilled, or incorrect, is not a lie, except in the minds of a political extremist on the other side trying to make news.
So the commitment of troops to the War in Iraq based on incorrect information is not a war of lies in your mind Perry? It’s about time you came around.
That’s pretty funny, but at this point I’m not sure Little Green Men with advanced alien technology could save GM.
Perry:
A commitment, or a prediction, not completely fulfilled, or incorrect, is not a lie, except in the minds of a political extremist on the other side trying to make news.
I think everyone knew this was a Union Bailout that had a bottomless pit.