GM Facts and Fiction

[427TJ]

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BTW: isn't it *funny* that Congress cut a check to the banking industry for $750 BILLION without even so much as a whimper, and yet they're beating up the reps from the Big3 on Capitol Hill, talking about stipulations/strings attached/restructuring/etc, all over $25 billion?

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When Henry Paulson came begging to congress two months ago he said that the 700B was for buying up the bad debt ("restructuring") of Wall Street banks. Then the banks simply kept the money (and continued to pay dividends and cororate bonuses and compensation) and Paulson's response was that they had changed their minds about how to allocate the 700B. But wait a minute there Hank, that's not what you said the money was for and Paulson basically shrugged. Nope, not a peep out of anyone. Outrage? HA! Well, wait until January 21st 2009 and then the "outrage" will come.

The Big 3 just wants in on this massive government propping-up of our collapsing economy. It'll be the credit card companies soon and then the insurace companies and then the airlines and on and on it will go. This is what the government and the Treasury Department truly exists for: the bailing-out of big business when big business steers itself into the iceberg.