Sepharo wrote on Jun 22, 2012, 19:53:

RollinThundr wrote on Jun 22, 2012, 14:35:
Obama didn't need to bail GM out with tax payer money, they could and SHOULD have filed for bankruptcy and refinanced/restructured themselves. GM still owes the taxpayers millions, and guess what we'll never see it. The only entity that won out in that deal was the auto workers union, surprise surprise. Same thing with Crysler, the kicker there? Crysler is now owned by a European car maker.

You don't really know what you're talking about.


Global auto industry crisis 2008-2010
U.S. in 2008-2010 auto industry crisis

Bush put $17.4 billion into the bailout using executive powers to redirect TARP money after the Senate rejected the bill (a rare thank you to Mr. Bush!). Both Chrysler and GM filed for bankruptcy. Obama later put $21.6 billion into the bailout and fired GM's CEO. Chrysler has since "repaid its loans" years ahead of schedule, unfortunately GM owes much more still but it's still paying it off and has since become the #1 auto maker in the world again.

All that said, the numbers are all over the place and the bailout wasn't any one loan or event. It was over years and for various different reasons and funding sources... PolitiFact has more.

So yeah billions still to be paid off but I think saving a national industry and an entire metro region of about 5 million people was worth it especially considering what a huge success it was. Meanwhile Mitt "Let Detroit Go Bankrupt" Romney writes a fucking article in the top paper of his "home" state shitting on the people there and then after the successful bailout changes his name to Mitt "I’ll take a lot of credit" Romney. What a piece of shit.