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The auto bailout money will not be repaid

And there will be more of it. Probably multiple times. Until the automotive industry is a de facto arm of the Imperial Federal Government. If you think this is not an explicit goal of the Obama regime, leave your address in the comments so I can mail you a tall, conical hat.

As David Z. predicted a year ago and I predicted a couple times in the past year, the bailout money taken/inflated from the American public and given to Chrysler and GM will not be repaid. “Oh, but it’s not a bailout; it’s a LOAN!” Eat crow, you accessories to robbery.

But, at least we only lost $30 billion in this venture instead of the possible maximum of $44 billion.

The $30 billion isn’t the end of it because this is the way Obamanomics works. It’s the same way Bushonomics and every other socialist, dirigiste economy works: the rich and well-connected benefit at the expense of the common people, who don’t get bailouts and are impoverished by inflation.

Hat tip: David Z. at …no third solution

Posted in Economics, Obama failures, Obama predictions, Power elite, Socialism