November 16, 2011

Our tax dollars at work

From The Detroit News:
U.S. boosts estimate of auto bailout losses to $23.6B
The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline.

In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.

The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.
This was our money that was wasted -- this is the primary reason I went with a Ford truck instead of another Dodge. I am very happy with my choice and will continue buying Fords. Posted by DaveH at November 16, 2011 12:58 PM
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