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You have your facts reversed there. The TARP was actually a loan, which has by in large been paid back (which doesn't make me support TARP any more). The auto industry was bailed out. Correction... the unions were bailed out. The Canadian union & UAW received a 60% stake in the "new" GM while the current bond holders were completely wiped out despite normal bankruptcy restructuring laws which would be the normal course of action. Instead, the federal government decided to buy common stock in the company for $48/share and when GM went public again, the IPO of $33/share. That only accounted for half the shares while the government still holds the other half. Since the current share price is only $21, it's going to take a really long time until we get our money back on that investment of those shares.Originally Posted by UptownsDotNetStacky
Originally Posted by crcballer55
You're right that both parties are responsible. The Republicans cut taxes, which caused revenues to skyrocket into the treasury. However, like most politicians they couldn't help themselves and spent every bit of the increase and then some to justify "homeland security" and "Medicare Part D". Both of which has been complete financial disasters. However, the Democrats have had their own set of fiasco's with Stimulus 2 and the auto bailouts.Originally Posted by Nyota de la star
I mean...correct me if I'm wrong but aren't the Bush tax cuts a sizeable fraction of the deficit problem?
Both parties are responsible for this current economic debacle though. No doubt.
Just registered to vote last week and proudly checked that Independent box.
I hate when people say that...the government gave the Automotive Industry LOANS, meaning they pay that money back (which they are on pace to be complete with in the next year or so) .....the banks were BAILED OUT, meaning you'll NEVER EVER EVER EVER see that money again
If we want to talk about Chrysler, we just sold that to Fiat and they keep saying that they have "repaid" their loans. But in reality they have really refinanced the same loan 3 times since then with additional money given to Fiat as an incentive to bring small cars to America. There's a reason why it hasn't had an American footprint for 30 years (Fix it again, Tony). Their only successes have been in sports cars (Ferrari & Bugatti) so hopefully they can at least bring some quality back to the Dodge line. Which reminds me... Those commercials about Dodge being American cars made in Detroit make me laugh every time.