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Posts Tagged ‘Chrysler’

For some reason, I haven’t seen much political satire about the GM/Chrysler bailout.

Indeed, the only bailout humor I found in my archives are this funny cartoon about the Federal Reserve helping to bail out Europe and this very good cartoon about Greece deciding to take more handouts from the rest of Europe.

But these two cartoons hopefully are a start of a new trend.

If you like Payne’s work, you can view more of my favorites here, herehereherehere, and here.

Some of my favorite Bok cartoons can be seen here, hereherehereherehere, and here.

P.S. Here’s one more bailout cartoon, featuring a hapless taxpayer playing a rigged blackjack game with Fannie Mae and Freddie Mac.

P.P.S. How can I forget one of the most popular humor posts in the history of this blog, this image of how the bailout-hungry Greeks view the rest of Europe (with bonus sections showing how Americans view Europe, how the English view Europe, and – be forewarned – how the former Italian Prime Minister viewed Europe).

P.P.P.S. I commented the other day on the cost of the bailout jumping to $25 billion. It’s actually a lot higher when you count other bailout expenses, as John Ransom explains.

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I’ll start with an important caveat and state that Ford is far from a perfect company. It has its snout in the trough for boondoggles such as green energy programs. And it happily benefits from protectionist restrictions on foreign pickup trucks and SUVs.

That having been said, there is an enormous difference between Ford, which did not get bailout cash, and the moochers and looters at GM and Chrysler. Which is why I said on TV last year that all ethical people should boycott the latter two companies.

And I’m very proud that other Americans feel the same way. Here are some excerpts from a story in the UK-based Daily Mail.

The Rasmussen Poll asked likely voters: “Have You or Anyone in Family Bought Car from Ford Because Didn’t Take Government Bailout?” 19% said yes, including 33% of the people 18-29 — and 28% of black voters — and 32% of government workers. …25% said yes when asked “Has Bailout and Government Takeover of GM Caused You or Anyone You Know to Avoid Buying GM Car?” …Rasmussen also asked: “Does Fact that GM Took Bailout Money Make You More/Less Likely to Buy GM Car?” 50% said less likely — just 4% said more likely. To the question “Ford Didn’t Take Bailout Funding. Make You More/Less Likely to Buy from Ford?” — 51% said more likely and 12% said less likely.

Here is an ad that Ford apparently is not using anymore because of pressure from the Obama Administration. But please share this link so more people can see it. Kudos to Chris, a patriot in the finest sense.

By the way, some statists are arguing that the bailouts are a success because GM and Chrysler are still alive. But as I’ve explained before, any money-losing entity can be kept alive in perpetuity (or at least ’til the point of Greek-style collapse) by raping and pillaging taxpayers.

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Here’s a video just released by those wonderful folks at the Democratic National Committee. It claims that the bad Republicans were wrong about the auto bailout because the companies are still in business and have paid back the money they confiscated from taxpayers.

This partisan video may be effective, but it’s wrong in very important ways. I’ve already explained in a previous blog post why the General Motors bailout was not a success.

The Chrysler bailout also is a failure. Here’s what Conn Carroll wrote for today’s Washington Examiner.

American taxpayers have already spent more than $13 billion bailing out Chrysler. The Obama administration already forgave more than $4 billion of that debt when the company filed for bankruptcy in 2009. Taxpayers are never getting that money back. But how is Chrysler now paying off the rest of the $7.6 billion they owe the Treasury Department? The Obama administration’s bailout agreement with Fiat gave the Italian car company a “Incremental Call Option” that allows it to buy up to 16% of Chrysler stock at a reduced price. But in order to exercise the option, Fiat had to first pay back at least $3.5 billion of its loan to the Treasury Department. But Fiat was having trouble getting private banks to lend it the money. Enter Obama Energy Secretary Steven Chu who has signaled that he will approve a fuel-efficient vehicle loan to Chrysler for … wait for it … $3.5 billion. …to recap, the Obama Energy Department is loaning a foreign car company $3.5 billion so that it can pay the Treasury Department $7.6 billion even though American taxpayers spent $13 billion to save an American car company that is currently only worth $5 billion.

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