Government Intervention

The Feds Can't Unload GM Quick Enough…


David Harsanyi is right that recent events underscore what a failure the government's illegal bailout of GM has been (the bailout used TARP funds which were supposed to be reserved for financial institutions). With the GM buyback of shares from the government, and a planned sell-off of remaining government-owned shares, it's likely that taxpayers will lose about $25 billion on the deal. Good riddance to bad rubbish.

Remember that the next time you hear pols and pundits talking about how the government can not just break even but even make big dollars when bailing out various industries.

And when you hear captains of industries laying down bullshit like this classic 2010 ad from former GM CEO Ed Whitacre about how GM paid back its government loan "in full and ahead of schedule":


Wow, it all sounds so good. Except it's a bigger pile of junk than a Pontiac Aztek, as Reason TV pointed out immediately after these claims started circulating: