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from the government (i.e., taxpayer money). Is this a Ponzi scheme or what? I don't think I've run across such a shameless, blatant lie as what obama and GM are trying to sell to the public and there are many to chose from.
As it turns out, the Obama administration put $13.4 billion of the aid money as "working capital" in an escrow account when the company was in bankruptcy.
We all know where the $6.7 Billion came from.
The plot thickens;
Sean McAlinden, chief economist at the Ann Arbor-based Center for Automotive Research, points out that the company has applied to the Department of Energy for $10 billion in low (5%) interest loan to retool its plants to meet the government's tougher new CAFÉ (Corporate Average Fuel Economy) standards.
Quote:
In short, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that.
What a scheme and perfectly in line with the thuggish, Chicago-style politics of obama.
It's either this or watch 142,000+ go unemployed, and would likely cost tax payers money inevitably in the form of crime, welfare and unemployment. At least this way they have legit money to spend and stimulate the economy some.
It's either this or watch 142,000+ go unemployed, and would likely cost tax payers money inevitably in the form of crime, welfare and unemployment. At least this way they have legit money to spend and stimulate the economy some.
Maybe these people will practice personal responsibility and seek out new and more fulfilling careers.
Yeah, on somebody elses dime. Gosh, that would be so nice.
The more they spend in legit services the more likely it is going to benefit local private economies. But then again, it's so much better watching 142,000 go unemployed
The more they spend in legit services the more likely it is going to benefit local private economies. But then again, it's so much better watching 142,000 go unemployed
142,000 were never in jeopardy of going unemployed. Its called a bankruptcy process, where investors come in to invest when the company gets cheap enough. JUST LIKE FORD.. who was in the SAME boat, except Ford chose to make the tough choices to fix their economic problems.
GM burned through $50 BILLION this year... While Ford is making billions. Sometimes the bailouts are a curse because it doesnt force businesses to fix what is wrong!!
Not to mention the billions the government has invested in GM ownership. And now the Dems want to revise financial regulations to give 'ownership', investors and pension holding groups more say in the election of the board of directors.
Financial regulation... on the escalator to hell.
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