GM Bailout Reality

http://www.futureofcapitalism.com/2010/08/gm-bailout-reality

Economic Policies for the 21st Century has an editorial applying some skepticism to President Obama's claim that the government spending on General Motors and Chrysler has been a big success: "The overall story is not nearly as rosy the Administration would like you to believe."

The piece is particularly good at debunking the "repaid in full" claim made by GM: "Perhaps the two best statements on this topic came from Senator Carper (D-DE) and Steve Rattner, the former White House auto recovery czar. Senator Carper said: 'It sounds like it's kind of like taking money out of one pocket and putting in the other,' while Steve Rattner commented: GM 'may have slightly elasticized the reality of things.'"

by Ira Stoll  |  Aug 2, 2010 at 9:27 am Related Topics:  Auto Industry, President Obama receive the latest by email: subscribe to the free futureofcapitalism.com mailing list