Did part of Bush TARP go to GM? I lose track of where and when the money was wasted.
If so, I would presume the author included all bailout funds, not just Obama’s.
The way I look at it, I could be a successful car manufacturer too - if someone just gave me $100 billion for startup.
Yes, Bush got suckered into interfering with the bankruptcy process and giving GM bailout funds. That carried things over so Obama could screw things up royally.
You might say that he has paid $100 billion to ensure that the members of the UAW votes for him and help get out the votes of others. And Bush helped the Democrats to do this during the earlier stages.
Bush and McCain both had that deer-in-the-headlights look when Treasury Secretary Paulson announced the financial crisis—working covertly to elect Obama, with whom he was in regular communication. That was what put Obama over the top. Because Obama looked like he knew what was going on—he looked like a real financial expert—and Bush and McCain looked like bewildered dummies waiting for the next wreckage to fall on them.
I think you’re right. it does include it.
This article mentions 50 billion. But the numbers I see are 49 billion +, plus, a “working Capital” fund of 13 billion + that was used to repay older loans.
I still think they are 7 billion short.
Plus, they gave GMAC 16 billion, not mentioned anywhere.
and the new company ALLY is now in trouble.
http://projects.propublica.org/bailout/programs/3-automotive-industry-financing-program
Go here for a time-line. The “old” Gm looks to have been bailed out to the tune of 20 billion or so. The total there come to 50 billion
http://projects.propublica.org/bailout/entities/233-general-motors