Wednesday, 16 November 2011


Ken Berwitz

This one doesn't need much explaining.

Excerpted from David Shepardson's article in the Detroit News:

The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline.

In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.

The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.

There you have it:  the great "success" that Obama & Co. have been patting themselves on the back for since bailing out GM and Chrysler.

Well, they're right for some folks:  it certainly has been a rousing success for the auto unions, which continue to stuff their pockets full-to-overflowing with taxpayer dollars - many millions of which will no doubt be used in an effort to re-elect their Sugar Daddy, Barack Obama.  

But how successful do taxpayers - the ones footing the bill for these money-losing bailouts - think it is?

I guess we'll find out in 2012

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