Bailout Watch 319: Damage Report

Robert Farago
by Robert Farago

Department of Energy “retooling loans” – $25b

GM and Chrysler “bridging loans” – $17.4b

U.S. Treasury “investment”in GMAC – $5b

U.S. Treasury supplement to GM for GMAC – $1b

TOTAL – $48.4b


Robert Farago
Robert Farago

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  • Robert Farago Robert Farago on Jan 02, 2009

    I differ to beg. No one held a gun to their head and said, hit up Uncle Sam. They could have taken their medicine and filed for C11. Management's behavior-- their willingness to kow-tow to Uncle Sam to avoid accountability-- is reprehensible,

  • Creamy Creamy on Jan 02, 2009

    "They could have taken their medicine and filed for C11." now wouldn't that have been something. think the country and consumers would have rallied behind one of the Big3 had they decided to do the bankruptcy thing - could've called themselves the real american car company or somesuch.

  • PeteMoran PeteMoran on Jan 03, 2009
    everyone does realize that this all together is just over half of AIG’s first bailout Comparing bailouts is bound to fail. They are not equivalent. It's hard to imagine what would have happened to the world economy should AIG have been allowed to collapse. It is the holder of a STAGGERING amount of credit default swaps. How would you like your house to be worth half, or less? A point never corrected by Detroit apologists requesting auto bailout funds be referred to as "loans", is that the financial bailouts are equity which Governments all around the world expect to sell back to private enterprise recovering their "investment". (Sometime in the distant future anyway). Over-sight of those early funds is a different and more difficult question that clearly receives a Fail grade.
  • Qwerty Qwerty on Jan 03, 2009
    “Fascism should more properly be called corporatism because it is the merger of state and corporate power.” - Benito Mussolini. Yup, the dream of the Republican since Reagan. Dubya finally made it all come true. Elimination of Consitutional protections and the Bill of Rights. Check. Destruction of fiscal responsibility. Check. Unprovoked wars of aggression. Check.
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