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Exactly, if the Congressmen had any backbone, they could have blocked this.
But the reality is that they are all bought off and their conduct demonstrates that they wish to avoid responsibility for both corruption and reform, mainly because the corrupt cannot reform themselves.
yes, they sure went through the first 350 billion of the TARP in no time, and i am sure that they will go through the next 350 billion in record time as well. it is getting clear that there will be no reform coming.
Does GM plan to make any payments to GMAC, payments that directly benefit Cerberus? As vehicle residual values decrease, GM is obligated to make payments to GMAC under “residual support and risk sharing” agreements. On August 6, 2008, GM paid GMAC/Cerberus $646m, money which could have been used by GM to fund its ongoing operations and its obligations to employees.
taxpayer money should not be used to fund payments to GMAC/Cerberus.
Last edited by floridasandy; 12-19-2008 at 08:09 AM..
Mostly the union failed the company and failed the workers. Stop blaming the gov't, stop using the gov't as an excuse and stop relying on the gov't. Big gov't is one of the problems.
yes, they sure went through the first 350 billion of the TARP in no time, and i am sure that they will go through the next 350 billion in record time as well. it is getting clear that there will be no reform coming.
Does GM plan to make any payments to GMAC, payments that directly benefit Cerberus? As vehicle residual values decrease, GM is obligated to make payments to GMAC under “residual support and risk sharing” agreements. On August 6, 2008, GM paid GMAC/Cerberus $646m, money which could have been used by GM to fund its ongoing operations and its obligations to employees.
taxpayer money should not be used to fund payments to GMAC/Cerberus.
And they won't even tell who they gave it to and how much each party got. Congress is doing nothing about it either. I'm glad Bloomberg is suing them for that information. I think it should be made public who screwed up and needs to be bailed out.
fox news is going after disclosure as well:
It's no wonder the Treasury has tried the "just say no" approach. The more light shed on the bailouts, the less flattering the picture that is likely to emerge. But unlike the Bloomberg effort to compel the Fed to disclose information about the various Fed lending programs (exactly what collateral the central bank is taking and from whom), Fox ought to have decent odds of winning the fight. The Fed has contended that FOIA does not apply because the loans come out of the New York Fed, which is not a government body. while Treasury would appear to lack an easy out.
I'm blaming the party that takes my tax dollars and squanders them with unprecedented haste and foolishness without disclosure or accountability. That would be... the govt, yes?
As for GM, they had trouble selling their cars before and they're less likely to sell them now that the brand is tarnished. But, hey, the legacy program is safe, and our tax dollars made it happen. I'm sure they're cheering in Asia and Brazil, where more and more GM cars are made.
All this does is give congress more time;its not enough to do any real restructuring in a declining auto market. Then congress either has to spend alot more out of the 350 billion still in the TARP or get enough votes to pass a separate bill which they failed to do the first time.To show you the kind of problems being faced a number of economist say that the 800 billion proposed for infrastructure will reduce unemployment by appox 1% in the nation.
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