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"Patriotic millionaires" call for their tax cuts to expire

Discussion in 'North American Politics' started by Mercy Not Sacrifice, Nov 20, 2010.

  1. Mercy Not Sacrifice

    Mercy Not Sacrifice Well-Known Member

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    That $17-billion loss includes Chrysler. Unlike GM, they have come nowhere near repaying their loan.
     
  2. Revoltingest

    Revoltingest Greased up & ready for action!
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    Not according to the article. $17 billion was the GM share of the total projected loss.
     
  3. Mercy Not Sacrifice

    Mercy Not Sacrifice Well-Known Member

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    Huh?

    "The CBO's new estimate is slightly higher than an October Treasury Department estimate that predicted a $17 billion loss on the bailouts of GM., Chrysler and auto finance companies Ally Financial Inc. and Chrysler Financial LLC."​

    That $17 billion is a combined loss, not a loss on an individual component.
     
  4. Revoltingest

    Revoltingest Greased up & ready for action!
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    You might be on to something....that period might not be the end of their sentence. Here is some text surrounding that quote....
    "The CBO said its "estimate of the cost of assistance to the automotive industry
    dropped from $34 billion to $19 billion because the auto companies have repaid or settled much of their outstanding debt with the Treasury and have continued to demonstrate some measure of financial stability."
    The CBO's new estimate is slightly higher than an October Treasury Department estimate that predicted a $17 billion loss on the bailouts of GM., Chrysler and auto finance companies Ally Financial Inc. and Chrysler Financial LLC.
    In total, the government bailed out the auto industry with about $85 billion.
    The CBO also predicts that Chrysler will draw down the remaining $2 billion from its existing line of credit with the Treasury.
    In total, the congressional agency predicts a loss of $25 billion on the $700 billion Troubled Asset Relief Program that was used to bailout banks, insurance companies and the auto industry."

    The $19 - $17 = $2 billion all fit together. Frankly, now I can't tell how much they expect to lose, either for just GM or the whole bunch.
    What's 10 or 20 $billion anyway? There's plenty more where that came from.


     
  5. Mercy Not Sacrifice

    Mercy Not Sacrifice Well-Known Member

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    I'm just going with what the article said. I mean, we can try to parse that sentence, but unless I'm missing something, GM only received one bailout. And since the sentence clearly said bailouts, it's a safe bet that Chrysler and the other company were a part of the $17 billion figure.

    Bottom line, the bailouts were bad, but the alternative was worse.
     
  6. Revoltingest

    Revoltingest Greased up & ready for action!
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    While I oppose the bail-outs, I think the auto company bail-outs were of much greater value than those for Wall St (except possibly AIM).
     
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