It looks like the US Government has just gone into the auto business as well.
Some $13.4 billion of the money will be available this month and next — $9.4 billion of it for General Motors Corp. and $4 billion for Chrysler LLC, two auto giants that have said they could be facing bankruptcy soon without government help. GM is slated to receive the remaining $4 billion in loans after more money is released from the financial rescue account. Ford Motor Co. says it doesn't need federal cash now but would be badly damaged if one or both of the other two went under.
So let's see, we now own an insurance company, several banks, 2 mortgage companies, and now 2 auto companies as well. Now all we have to do is nationalize GE or someone like that and we will become the Bizzaro Warren Buffett. Instead of buying great companies at cheap prices we are buying failed companies that have been run into the ground. Now it is the UAWs turn to buckle since there will be no more further money coming to the Big 3 no matter what happens.
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