Taxpayers face heavy losses on auto bailout

http://apnews.myway.com/article/20090909/D9AJOCJ00.html ^ | 9/9/09 | By CHRISTOPHER S. RUGABER

[roses of sharon]

WASHINGTON (AP) - Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.

[GeronL]

I am sure we are all stunned.

/sarc

[roses of sharon]

It is time to tell the Congress to leave town, resign, retire....or hang.

[Sparko]

Like you, I am at a loss for words, that a Congressional Oversight Panel did not exercise oversight or forecast. That's not usually the case is it?

This is the obligatory sarcasm off tag for non-careful readers.

[stayathomemom]

Please remind me. Who wrote the bill? Who didn’t bother to read it?

[GeronL]

I am not sure how anyone could have seen it coming, nobody but nobody could have predicted this.

heavy bold underlined

SARCASM

[Sparko]

I marvel as again, I fully agree with you. Like the Cash for Clunkers that took no tax payer money to operate, had no unforeseen consequences, and has been a rip-roaring success for car dealers as well as manufacturers, this auto bailout is another fine example of Congressional planning.

I think that Obama would do well to bring this success up tonight, among the - oh so many successes - that this administration has graced us with so far.

Obligatory sarcasm off tag.

[GeronL]

Obama yesterday said Americans have selective amnesia that we don’t remember how bad things were seven months ago. Jake Tapper of ABC wrote it on his blog, saying that Obama was “joking” but then the next quote was the rest of the statement supporting that ‘joke’.

Obama really thinks are better than 7 months ago.

He has no clue.

[Sparko]

“Obama really thinks are better than 7 months ago.”

Thanks for that. I will look up Tapper.

Yes. Obama is quite full of himself. He is truly the Emperor with the New Clothes.

He is insulated from the working man/woman by his appointed toadies. Who also slant the news for him. Which is of course, already slanted by the MSM.

No one will bring the PseudoMessiah unpleasant news with the exception perhaps of Rahm El Lurch or David Crankshaft.

We are now approaching month 10, almost 1/4 of the way in. Heard on the news (again) today that banks are still not lending.

Go figure, a prospective home buyer cannot buy and a prospective seller who has a job elsewhere cannot sell, and you wonder why the economy is in a tail spin.

We are approaching FUBAR under Barry.

[DustyMoment]

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.

But . . . but . . . but . . Obama said . . . . !!!

I'm pretty sure that none of us are surprised.