When did GMAC become a “moral hazard” When did GMAC become “too big to fail”? When did GMAC become vital to our national security?
$3,500,000,000 on top of $12,500,000,000 of taxpayer’s money! When is this democratic Congress going to stop? Hell, they don’t have to, the Federal Government can just print more money.
Gov’t to Give $3.5 Billion in Extra Aid to GMAC: Report GMAC Financial Services is close to getting about $3.5 billion in added aid from the U.S. government, on top of the $12.5 billion already received since December 2008, the Wall Street Journal reported.
http://www.cnbc.com/id/34626577/
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9 comments:
Its all about subsidizing UNIONS--to pay for the obscene amounts of legacy benefits and keep Union leaders in comfort. UNIONS donate heavily to Democrats--no other explanation needed.
They gave billions to GM and Chrysler saying it would be death to our economy if these companies failed. Well, they failed anyway and filed for bankruptcy. The economy is still going and they still exist. Let GMAC go under and they will be broken apart and absorbed by other companies. It happens all the time in a free market. Other companies will step up to finance these cars. Ford re-organized itself and they are now the strongest American car company out there today.
It is because Obama is running GM and thus he needs GMAC to finance his cars.
oh... good news... a boost to the GDP. Just what's needed to get out of a recession. Pickup and read a freshman level economics book and you'll find that government spending is a large portion of the GDP and when consumers quit spending, it is the quickest and easiest way to increase the GDP.
On the other hand, the government could listen to you and quit or minimize spending. I'm fairly confident this would leave us in a depression which would leave the Great Depression looking like a small bump in the road.
We MUST maintain GDP growth and if you won't do it, we need the government to do it for us
They will stop when they steal what the republicans didn't.
Anon 11:21
How does a additional Goverment subsidies, to a company the Goverment owes 35% of, have a positive effect on GDP?
Bailing out GMAC, much like bailing out Fannie Mae & Freddie Mac, only serve to benefit the owners; in all three firms, the majority of which is soverign wealth funds of China, Japan & Germany.
GM is the auto dealers who are currently offering 0% interest up to 72 months right now!
Interest free loans because the tax payers are backing the debt?
Who is writing the economics books? Who is educating the economists? Are they Zionist Communists?
Do any of you commenters know that GMAC is no longer any part of GM?
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