The Third GMAC Bailout
by tdaxp ~ October 28th, 2009
Barack Obama will bail out GMAC for a third time.
This is necessary, Barack Obama thinks. Otherwise, UAW unionists might lose their jobs.
This is necessary, Barack Obama thinks, because otherwise people with bad credit could not buy cars they could not afford.
This is necessary, Barack Obama thinks, because otherwise Ford (which has not been bailed out) might gain market share.
This is necessary, Barack Obama thinks, because otherwise people might buy foreign cars.
The third GMAC bailout combines corrupt politics, economic foolishness, socialism, and protectionism.
It is typical of the economic policies of the Obama administration.
The New York Times uses top 1% of income, not wealth. From the legend:...
October 28th, 2009 at 5:14 pm
What? No note that you and the wife have CD’s with GMAC because of their better rates?
October 28th, 2009 at 5:53 pm
Consider it my peaceful protest against Obama’s blog disclosure rules
Anyway, that investment is guaranteed by the upcoming FDIC bailout [1]
[1] http://online.wsj.com/article/SB10001424052970204731804574385072164619640.html
November 1st, 2009 at 4:46 pm
Aren’t much of GMAC’s recent troubles related to its foray into the housing market? I fail to see how GMAC is “too big to fail” anyway, so obviously, as you say, this bailout would be nothing more than a political giveaway.
November 1st, 2009 at 4:47 pm
Eddie,
Yes.
Agreed!
February 16th, 2010 at 8:27 am
[...] Treasury (which needs the money, because of the bailouts of Obama campaign supporters, such as the Detroit and Wall Street [...]