Senator Corker reporting now that GM has 62 Billion $ in debt at the moment.
So we are feeding money to prop up failure - just like the banking system fed money to subprime loans with the TARP.
Iconoclast Jim Rogers states the principal in addressing the banking crisis:
What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent," he said. "What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics."
Where is the reward for success anymore? Everyone is rewarding failure only.