We only lost 1.3 billion in the Chrysler bailout.
And it's a remarkable story...
Tim Massad, Treasury assistant secretary for financial stability, told CNN Money: 'The fact that the company has done so well - that they were able to go out and raise private capital to repay us the loan so quickly, is really the big story.'
Wait...
I must have missed something.
The U.S, taxpayers, us little, unimportant, evil workers, loaned Chrysler 12.5 billion.
And we got all of 11.2 billion back.
And now Chrysler is done paying the loan?
I know my math ain't what it used to be, but I think they still owe some money there.
Yes, yes I know bankruptcy, yadda, yadda, yadda...
I get the picture.
We loaned them the money so they wouldn't fold. Then they went into bankruptcy, and sold out to Fiat, and now they are doing good.
The Treasury Department said it considers the auto bailout a success because Chrysler has made a remarkable turnaround since it took an equity position in the company in 2009.
OK, they are bouncing back, fine. Why aren't they paying the rest of the money? If they could do well enough to pay back part, why can't they pay the rest?
And how can you call this a success if we're 1.3 billion in the hole??
In my book, losing 1.3 billion dollars isn't a good thing.
At this point in time, when we are about to tell our senior citizens, 'Sorry, you'll just have to buy a cheaper brand of dog food, for Sunday dinner,'
And about to tell the average working stiff, 'Sorry, you'll just have to work till ya die. Cuz we don't have the money for social security.'
And the handicapped, 'We're cutting your funding you lazy bums, get a job.'
I don't count losing 1.3 billion as a success.
And I think that there is something fundamentally wrong with anyone calling it a success.
Yeah, I get we didn't loose more money and that is good.
But this is not a success.
For anyone but Chrysler and Fiat.
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