Friday, December 19, 2008

Auto Bailout

Can someone explain to me why the government writes a check to these bozos without owning part of the company? The automakers, from the initial reports, have received the best deal from TARP. Better than any bank. The government writes them a check for $13.4 billion with another $4 billion on the way and the instructions are to come back with a viable business plan by March 31, 2009. Are you kidding me? The money could be gone by then. This will lead to the automakers coming back asking for a total of over $50 billion in my opinion. First it started at $25 billion, then it increased to $34 billion a week later, it will easily be over $50 billion in 3 months. How can it not be? This is ridiculous! This is the worst use of the TARP funds yet, and there have been many other poor uses over the past few months.

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