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Wednesday, December 30, 2009

GMAC Bailout Moves Ahead

“The government was moving ahead Wednesday on a fresh multibillion dollar cash infusion to stabilize auto financing company GMAC Financial Services, according to a person with knowledge of the matter.

“GMAC, based in Detroit, is instrumental to the operations of automakers General Motors Co. and Chrysler Group LLC. It has already received $12.5 billion in taxpayer money and is 35 percent owned by the federal government.” (AP, Thursday)

I’m wondering why they don’t just give us cars.

FEE Timely Classic:
Henry Ford and the Triumph of the Auto Industry” by Burton Folsom Jr.