Wednesday, October 28, 2009

Possible Third Bailout for Obama Motors

Hold onto you wallets folks, ObamaMAC may get even more of your tax dollars handed to them.
The U.S. Treasury Department is in talks with GMAC Financial Services Inc about a possible third cash infusion to the company, an Obama administration official confirmed. The official declined to say how much additional money was under discussion for GMAC, which already has received $12.5 billion of taxpayer funds. The Wall Street Journal said the government may have to inject another $2.8 billion to $5.6 billion into the Detroit-based lender.

GMAC is the traditional lender to General Motors dealers and customers and is taking over the auto loan business of Chrysler.

With the U.S. auto industry still struggling as key companies like GM come out of bankruptcy, the administration has shown signs of willingness to step in to help them try to get back to stability.
This means that they have burned through $12.5 billion in less than a year and still can't get it right. Where is the exit strategy here? When is enough enough? How much of our hard earned tax dollars (I know, I know, the Marxists in charge hate the concept of hard work and earning money) are going to be shoveled into this furnace?

For those who think government-run health care is a good idea, look at this situation with the auto companies and project the same situation onto your family's health.

Good luck.

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