[okie01]

A pledge of one's credit is has tangible value.

No argument.

But I was responding to a question whether the Chrysler bail-out had cost the taxpayeres any money.

The answer is: none at all.

[Lonesome in Massachussets]

It would have marginally affected the price of U.S. Treasuries at auction — the “tangible cost” — and therefore did cost the taxpayers money.

Regardless of whether you guarantee a loan or make a loan, you are loaning money and paying interest on it. Same for the taxpayers.