“The government will invest $6 billion to prop up GMAC, the auto financing giant, the Treasury Department said last night, expanding its bailout of the troubled U.S. auto industry.
“The Treasury said it would use $5 billion from the $700 billion financial rescue fund it oversees to buy preferred stock from the company. It said it would also lend $1 billion to General Motors, which owns 49 percent of GMAC, to allow it to invest further in the firm” (Washington Post, Tuesday)
Noe big deal, we can just print more.
FEE Timely Classic:
“The Value of Money,” by Hans Sennholtz