General Motors and Chrysler are much better off because Bush gave them $24 billion and Obama gave them another $60 billion. Any company would be. Pouring federal dollars into businesses does improve their bottom lines, but that doesn\u2019t mean it helps the overall economy. The real question is: What would have happened to that money if the government had not spent it in Detroit?<\/p>\nThe government shouldn\u2019t plan on getting its money back. President Obama concedes that the $24 billion Bush spent \u2014 more than NASA\u2019s annual budget \u2014 is gone for good. And Obama\u2019s claims to the contrary, the money he spent isn\u2019t coming back, either.<\/p>\n
<\/span><\/p><\/blockquote>\n
We’ll never know what the private market could have done; that money’s gone.<\/p>\n
General Motors would have to command a market value of more than $70 billion for the taxpayers\u2019 stake in the company to be worth what Obama paid for it. Since General Motors\u2019 highest-ever market valuation was $52 billion in 2000, at the peak of the dot-com boom and the SUV craze, that seems improbable \u2014 especially since Obama\u2019s new miles-per-gallon regulations won\u2019t let them build as many of those highly profitable SUVs. At the end of the day, the government will still have sunk tens of billions of dollars into GM and Chrysler with no hope of recovering it.<\/p><\/blockquote>\n
See also – British Leyland.<\/div>\n","protected":false},"excerpt":{"rendered":"
The Dems did a premature victory lap on the economy last week, at Obama’s last speech in Detroit. The Detroit Money Pit – The Corner – National Review Online. General Motors and Chrysler are much better off because Bush gave them $24 billion and Obama gave them another $60 billion. Any company would be. Pouring […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,69],"tags":[],"class_list":["post-12385","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-socialism"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/12385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12385"}],"version-history":[{"count":1,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/12385\/revisions"}],"predecessor-version":[{"id":12386,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/12385\/revisions\/12386"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12385"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}