Thursday, April 14, 2011

Your Bailout Dollars at Work

"How do we explain the $2.2 billion in loans that went to the Korea Development Bank, the biggest state bank of South Korea, whose sole purpose is to promote development in South Korea?" asks Rolling Stone, quoted by R. Elgin — Proof that Someone in America *Really* Loves Korea. Among "the bailout deals that make no sense at all" another is questioned: "Republicans go mad over spending on health care and school for Mexican illegals so why aren’t they flipping out over the $9.6 billion in loans the Fed made to the Central Bank of Mexico?"

Also questioned: "[H]ow do you explain the host of other bailout transactions now being examined by Congress (at the beginning of the current loan crisis) like the Fed’s massive purchases of securities in foreign automakers, including BMW, Volkswagen, Honda, Mitsubishi and Nissan? Or the nearly $5 billion in cheap credit the Fed extended to Toyota and Mitsubishi? Sure, those companies have factories and dealerships in the U.S. — but does it really make sense to give them free cash at the same time taxpayers were being asked to bail out Chrysler and GM?"

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OpenID danightman said...

Well, the Chinese apparently really like Government Motors (once called GM). Shanghai Automotive Industries Corporation (SAIC) apparently wants to take General Motors off the American taxpayer's hands and into their own.

Given the marvelous quality of things like the Chevrolet Cruze (whose steering wheels fall off!), you can imagine what driving the USA in a Chevrolet will be like in the future.

8:20 PM  

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