How much did the Auto bail out make for the taxpayers???

Um, how about how much did it lose?

The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry.

DAYAM!!!

Thats certainly some coins change.

Gene Sperling, senior counsel to Treasury Secretary Timothy Geithner, confirmed in an interview late today that the administration’s forecast is that it will lose $30 billion on its auto investments — but that’s down from an earlier estimate of $44 billion.

“The real news is the projected loss came down to $30 billion from $44 billion,” Sperling said, noting that auto sales have improved ahead of what many analysts had forecast. The administration still holds out hope that if things improve, the administration could still recover more.

The estimate — the first public accounting of losses connected to the rescue of General Motors and Chrysler — is in line with what the Government Accountability Office, the Troubled Asset Relief Congressional Oversight Panel and former auto czar Steve Rattner have suggested.

The Treasury Department has loaned $50 billion to General Motors, and swapped all but $6.7 billion of it for a 61 percent majority stake in the automaker. In order for taxpayers to be repaid fully, GM’s stock would have to be worth far more than current estimates when the company goes public as early as next year.

GM chairman and CEO Edward Whitacre Jr. said that GM will make a $1 billion payment of its outstanding loans on Dec. 31 and plans similar quarterly payments. In a Web chat with reporters today, he said the company could opt to make a lump-sum payment

The administration forgave much of Chrysler’s $12 billion in government loans….well thats nice, will someone forgive me for my mortgage?

Well, thats good news, only $30 Billion instead of $44billion. Idiots!

Saving General Motors and Chrysler saved hundreds of thousands of jobs, President Barack Obama said today.

“It was right decision then and the right decision now,” Sperling said, calling it a “courageous decision by the president” to give the two automakers a “rebirth even though he knew it was not going to be politically popular.”

Not politicially poopular…yeah $30Billion is gonna do that, plus the private airplanes to get there are goign to hinder popular.

Published in: on December 9, 2009 at 10:20 am  Leave a Comment  
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Spend, Spend, Spend. Stimulus still needs to go on.

President Obama has made it clear that the stimulus program should be limited in duration, and that once growth is established it will be necessary to bring deficits down, Geithner said.

The catch?

No specific time for when the United States should begin to shift away from the stimulus, saying only, “when it’s appropriate.”

“Appropriate”?? I guess that means we are screwed on standby

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81 banks have failed so far this year and the prediction is many more to come.

Many of these banks that will fail will be smaller banks, which hinders the growth of the small business market and according to John Kanas whose private equity firm purchased BankUnited, at least 1000 banks will fail over the next two years

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Published in: on August 28, 2009 at 5:22 am  Leave a Comment  
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Inmates get stimulus checks

The government sent about 3,900 economic stimulus payments of $250 each this spring to prison inmates.

2,200 inmates were actually allowed to keep the checks according the the SSA as they were not incarcerated three months before the recovery period, and the other inmates, that was just a “oops”

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Published in: on August 27, 2009 at 5:57 am  Leave a Comment  
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