U.S. 'Unlikely' to Recoup Auto Outlay, Panel Finds

The Washington Post ^ | 09/09/09 | Peter Whorinsky

[RowdyFFC]

"The federal government is unlikely to recoup all of the billions of dollars that it has invested in General Motors and Chrysler, according to a new congressional oversight report assessing the automakers' rescue. "

[RowdyFFC]

I just kinda have to laugh at this. Was there ever really an option for Americans to get their money back? The purpose of this whole bailout mess was to rob the treasury and put us into debt into being broke and government dependent for decades.

[Cheetahcat]

anything the Government does is a waste look at to War on Poverty Trillions GONE!! Why should this be any different? Can only be worse MUCH worse with the Kenyan Clown involved!

[TurtleUp]

I'm shocked, shocked I say, to discover that a liberal bail out to the unions is costing honest taxpayers their money!

[hsalaw]

Did anyone ever think we’d get money back? This was just a bailout for Obozo’s union buddies with our money.

[Reaganez]

The panel said the government may have averted economic catastrophe by taking on the rescue. The automotive industry represents about 6.5 percent of the manufacturing jobs in the United States.

“Preserving portions of Chrysler and General Motors might have resulted in savings for the government in other ways,” the report said.

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This is just as valid as any other part of the panel’s report.

Which means not very much.

[HiTech RedNeck]

Of course it is a Rat waste. This was not the Uncle Sam of decades ago that lent Lee Iacocca enough to bring Chrysler back into the black, whereupon Mr. Iacocca lived on a $1/year salary (i.e. on personal savings) until he was able to present a check to the treasury repaying every penny.

[gdani]

This was just a bailout for Obozo’s union buddies with our money

FYI - This was Bush's bailout, not Obama's.

[TexasFreeper2009]

well since Chrysler isn't even a US company anymore, why should they?

[TexasFreeper2009]

exactly it was nothing more than a scam to fully fund union pensions.

[GonzoGOP]

The purpose of this whole bailout mess was to rob the treasury and put us into debt into being broke and government dependent for decades.

I have an idea. If the conservatives ever regain power (I know its a long shot but I can dream), they should seize the UAW pension funds in order to recoup the losses. Oh and if Obamacare comes in over budget (like say Medicare or Social Security) then seize the pension funds of the AFL-CIO and SEIU. They got the benefits, they pay the price.

[a fool in paradise]

It wasn’t about getting a return on investment. It was about empowering the autoworkers’ union. THAT is a return (political) on taxpayer investment.

The bailout was about payback to the base.

[hsalaw]

FYI - This was Bush's bailout, not Obama's.

I thought the car bailouts were Obozo's. Or are you into the "blame Bush for everything" mantra?

[gdani]

I thought the car bailouts were Obozo's. Or are you into the "blame Bush for everything" mantra?

Simply being factual. TARP was Bush's mess. Look it up.

[wolf78]

I thought the car bailouts were Obozo's. Or are you into the "blame Bush for everything" mantra?

The correct answer is: Bush could have forced GM / Chrysler into bankrupcy by categorically ruling out any state help. He chose to keep them alive with multi-billion dollar bridge loans (aka. taxpayer money) long enough so the next guy would have to deal with the problem.

So while the final shape of the bailout was Obama's doing, it was Bush who made it possible in the first place.

[Gene Eric]

Sell it off and be done with it.

[jwalsh07]

We paid 30 billion for a company that had a market cap of 2 billion at the time.