Looks like General Motors paid off its government loans with differently labeled government money. Kind of expected, but who would be dumb enough to fall for such a transparent trick?
Oh — right.
Well, OK, but at least it’s transparent.…
(At least, now that they’ve told us.…)
Have you seen that the new finance “reform” legislation will set up a committee with a $4 trillion slush fund which they will use to “protect” companies via “loans” and will not have to tell anyone, including Congress, who got how much money. Yes, the Obama Administration sees and problem and fixes it, I tell you.
I wanted to poke some more at Judd but it’s not worth a full post. I was wondering why Judd was so persistent in claiming that the revisions the recent Arizona immigration legislation had “gutted” it, even though it was essentially clarifications and the only thing “gutted” was the hysterical claims by opponents. Then I ran across this in an earlier post where Judd wrote “The law will be repealed in a week.”. Just maintaining the narrative.
AOG - Thanks, hadn’t seen the $4 trn authorization. Once the new Fed appointees are in, Obama will have complete control over a $4 trn slush fund.
$10 says at least $2 trn is used before his term is out.
How would we pay off the bet? The committee will not be required to tell anyone how much of the slush fund they’ve used.
Why bother, though? The Obama Administration removed the bailout cap on Fanny Mae and Freddie Mac who are now getting another $10.6B for $127B of bailout cash so far, with no limit in sight. But I am sure that this massive government intervention is somehow a market failure and irrelevant to the current financial meltdown.
Hey, another $8 billion gone for the government sponsored mortgage market. Clearly another failure by those dastardly free market types.