Posted on 10/20/2012, 5:58:30 PM by Brad from Tennessee
In the second presidential debate, Mr. Obama attacked early on, saying, “Governor Romney said we should let Detroit go bankrupt.”
Note to Obama fans: GM did go bankrupt – filing for Chapter 11 protection against its creditors on June 1, 2009. It’s what happened next that the president can take credit for – a handout of $49.5 billion in taxpayer money to GM, some $27 billion of which remains outstanding, and another $17 billion to its financial arm Ally Financial, which still owes $14.7 billion.
In other words, Obama didn’t save General Motors; American taxpayers did, with an assist from the Federal Reserve. While liberals rant about the bailouts of Wall Street, it is worthwhile noting that of the $417 billion in TARP funds spent to stabilize the economy, only $65 billion has yet to be repaid – and more than half of that is owed by GM and Chrysler. The latest TARP report from the Congressional Budget Office says that the government invested nearly $80 billion in those two auto giants and that taxpayers are still on the hook for roughly $37 billion.
(Excerpt) Read more at thefiscaltimes.com ...
Liz Peek has just figured this out? How come I knew - before it even happened?
Well...duh.
Our taxpayer money was used by GM and Chrysler could pay their bills, while in the meantime we couldn’t even pay our own bills, Many taxpayers lost their family homes.
Our taxpayer money also helped secure retirement pensions for UAW workers even tho it was the UAWs own greed that got GM and Chrysler into that mess, while in the meantime many so taxpayers lost their retirement savings or had to use it up to survive.
The auto bailout with taxpayer money was done while all the time taxpayers were saying NO! WE Don’t want to do this!!
Ya THINK!!???
This lady is a little slow, IMO. The rest of the country figured it out 4 years ago!
These articles always seem to be preachin’ to the choir here on FR. Everybody here knows that bam has turned the executive branch into his own personal crime syndicate.
Liberals are all too quick to hurl invectives against crony deals for “Wall Street” but never a word against crony deals for “Union Street.”
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