In case there was any doubt in your mind, a report by the Congressional Oversight Panel has made it official: we-the-people’s involuntary bail-out of GM and Chrysler was basically billions washed down the drain. It’s a “loan” we’ll never see repaid.
You can kiss the initial $23B flung out by the Bush administration goodbye. And even though some chick at Treasury says there’s a “reasonably high probability” that we’ll get some of the nearly $40B back the two failed behemoths cadged from this administration, I don’t see her betting her own McMansion on that probability.
All in all, we’d have been better off investing in amusement parks or chinchilla farms.
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