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Adding Up the Auto Bailout: $80 Billion and Growing

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posted on May, 11 2009 @ 09:57 PM
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With General Motors Corp. running through $10 billion in cash from the federal treasury during the first three months of 2009 and Congress poised to offer consumers substantial tax credits for new, more fuel efficient vehicles, the costs of helping the struggling automobile industry are mounting fast. Throw in special financing for auto loans supported by the Federal Reserve Board, and the aid for automakers now totals $83 billion - and it keeps growing.


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This is a rather eye-opening article. It does an excellent job of tallying up all that the auto bailouts have cost us. Although it's fairly comprehensive, i'm sure there were at least a few small details omitted. I was wondering if anyone knows whether this is everything the auto makers have cost the American Tax Payers, or if anything was conveniently left out? In either case, it's well worth the read.


TA




posted on May, 11 2009 @ 10:21 PM
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This article ties in rather well with this thread.


If the federal government becomes the majority owner of General Motors and Chrysler, most Americans (57%) believe it's likely the government will pass laws and regulations giving those firms an unfair advantage over other car companies. That figure includes 37% who consider such preferential treatment Very Likely.


It does seem likely that the feds would try something like that. After all, they now have stock in those companies.


TA



posted on May, 11 2009 @ 10:27 PM
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Perhaps another piece of the puzzle here


Six General Motors Corp. executives recently sold more than 200,000 shares of the automaker as GM moves toward issuing new equity to give large stakes to the U.S. government and a United Auto Workers retiree health care trust fund.


Sounds like they know the ship is sinking and adding another layer of paint isn't going to plug up the holes.

So, even if the government does decide to give unfair advantages to the bailout recipients, is it going to be enough to help? The execs at GM don't seem to think so.


TA



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