So it appears that the government bailouts of Chrysler cost the
government taxpayer $1.3 billion.
Originally, the government committed a total of $12.5 billion to the struggling automaker, Old Chrysler, and the company’s newly formed Chrysler Group. Of those funds, $11.2 billion has been returned through principal repayments, interest and cancelled commitments, the Treasury said.
Isn’t it great to see people invest money that isn’t theirs so wisely. Frankly I’m very pissed off and want my 4 dollars and 33 cents back from the pocket of the ass-hats who said it would be a good investment. My money is not to be used and lost paying for some company to avoid failure. The whole point of investment involves risk vs reward. We have destroyed any and all risk in doing business. We have rewarded people for making poor decisions and sent the bill to the American taxpayer. If we look at what I’m actually owed as a taxpayer instead of just applying it to every citizen it’s about 10 bucks.
I do not pay taxes to give some ass-hat who couldn’t get himself a real job capital to play with. I would prefer to invest my own capital as I see fit since apparently the Treasury thinks a 10% loss is some how a good investment. Some claim that the recession would be even worse had they not done that. I fail to see how that is possible considering the chilling effect it had economically overall. There has been no major upshot of this other than bailing out a bunch of execs and giving them bonuses.
Ultimately though this result is completely unsurprising. It is unsurprising because what else would you expect someone to do when they hadn’t actually earned the money. They have no concept of the value or worth of it. If they loose it they can just go tax more from us right? That’s Obama’s solution to the deficit problem.
The real question is, why are we trusting people with the fruits of our labor who have no concept of it’s value or worth? It must be noted though that cash ultimately is worth nothing, even more so now that our governments solution is to print more.