Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“That men may rightfully be compelled to submit to, and support, a government that they do not want…No principle … can be more self-evidently false than this; or more self-evidently fatal to all political freedom … a man, thus subjected to a government that he does not want, is a slave. And there is no difference, in principle — but only in degree — between political and chattel slavery. The former, no less than the latter, denies a man's ownership of himself and the products of his labor; and asserts that other men may own him, and dispose of him and his property, for their uses, and at their pleasure.”     Lysander Spooner

December 9, 2009

Automakers Steal $30B From Obama’s Jobs Program

by Brad Warbiany

Now it’s the automakers. Too bad nobody predicted that throwing money into these fine well-run American corporations could have been a bad deal!

The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry.

Gene Sperling, senior counsel to Treasury Secretary Timothy Geithner, confirmed in an interview late today that the administration’s forecast is that it will lose $30 billion on its auto investments

Or, as I like to say, that’s $30B that the automakers stole from Obama’s jobs program.

But there’s good news!

“The real news is the projected loss came down to $30 billion from $44 billion,” Sperling said, noting that auto sales have improved ahead of what many analysts had forecast. The administration still holds out hope that if things improve, the administration could still recover more.

Well, at least that’s $14B more for Obama to put into his jobs program! He’s just finding money everywhere!

TrackBack URI: http://www.thelibertypapers.org/2009/12/09/another-bailout-losing-money/trackback/
Read more posts from
• • •

No Comments

No comments yet.

Comments RSS

Subscribe without commenting

Sorry, the comment form is closed at this time.

Powered by: WordPress • Template by: Eric • Banner #1, #3, #4 by Stephen Macklin • Banner #2 by Mark RaynerXML