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April 27, 2010
Item #3: About That GM Bailout Repayment Thingy
Posted by Gregory of Yardale at April 27, 2010 4:54 AM
The progressive left/the Democrat PR wing/the Obama Amen corner have been cheering GM's "repayment" of its bailout loan as proof that socialism works, that President Wonderful is an economic super-genius, and that us right-wing conservatives who questioned the wisdom of the Government's action are racists.
As usual with leftist hype, there are multiple problems with that "analysis."
1. GM received almost $50 billion in bailout loans and is "repaying" less than $7 billion.
2. GM is "repaying" its Government taxpayer "loans" by raiding another bailout fund provided by taxpayers.
3. GM is also asking for another $10 billion in Government loans.
4. The Treasury Department rates the chances of GM repaying its bailout in full as somewhere between slim and none.
Meanwhile, Ford, the one American auto company that wasn't bailed out by the Government, reported a $2 billion profit for the quarter, its sales are up 37%, and its market share is increasing.
