Friday, July 30, 2010

Automotive Industry Financing Program | Eye on the Bailout | ProPublica

Automotive Industry Financing Program | Eye on the Bailout | ProPublicaEveryone's bitching about the banks, deservedly so, but the Chrysler and GM Bailouts accelerated as the Oblama Administration put pedal to the metal with a series of agreements that every business enterprise would like to have. There's not much which has been paid back under government ownership of Chrysler and GM, but we do own lots of stock.

President Oblama is supposed to be giving an address today which will emphasize the "success" of the UAW and GMAC, and GM bailouts but it's not likely to include real numbers. This article shows the current arithmetic, and it's not good. Obama will hopefullly be forthright. It's not until we face that facts that we can climb out of this mess.

Oh, and WHAT A MESS! the next administration will have to handle after the Obama administration fiasco. That will be a big job for the lamestream media to cover up, no matter how hard it works to do so. We're screwed. We can't recover until we hit the bottom. Meanwhile the President O-boo-boo keeps trying to cover up the mess by fresh cash injections compliments of us taxpayer saps.

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