• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Chrysler Bailout Demands Growing a Billion a Month

    2chrysler090218.jpg

    We don’t have the plan, yet, but we already know the bottom line: $5 billion. That’s how much money private-equity-owned Chrysler LLC wants from federal taxpayers to finance its “turnaround plan” submitted to the Treasury at 5 pm today.

    Chrysler’s previous turnaround plan, released less than 2 months ago, indicated the company would need about $3 billion on top of the $4 billion it has already received from the government.

    Cerberus Capital Management, the beleaguered automaker’s owner, refuses to invest any money in it. The Obama Administration, however, has been unclear about its willingness to dedicate further taxpayer dollars to Chrysler and General Motors, which is also on the brink of bankruptcy.

    The government’s initial “loans,” totalling $17 billion, are unlikely to be paid back. Additional loans could suffer the same fate.

    (Image of a 1958 Chrysler New Yorker CC licensed by Flickr user daveseven.)

    Posted in Economics [slideshow_deploy]

    4 Responses to Chrysler Bailout Demands Growing a Billion a Month

    1. Denise, Baytown Texa says:

      This is such a joke

    2. Wayne from Jeremiah says:

      I have added a link to your post from the articles I've put together on "BlogWatch • Has Government spending saved the economy yet?"

      http://www.jeremiahfilms.com/BlogWatch/bailout/90

    3. Mike, Hickory, North says:

      Here we have yet another example of Socialism which actually shows and proves how "Once you let the malevolent genie of Socialism out of the bottle, you won't get it back in".

    4. Mike Sez says:

      I say no to any further bailouts for anyone. Let the business fail, file for bankruptcy, be liquidated, sold whatever. If you lose your job as a result, get over it, find another job.

    Comments are subject to approval and moderation. We remind everyone that The Heritage Foundation promotes a civil society where ideas and debate flourish. Please be respectful of each other and the subjects of any criticism. While we may not always agree on policy, we should all agree that being appropriately informed is everyone's intention visiting this site. Profanity, lewdness, personal attacks, and other forms of incivility will not be tolerated. Please keep your thoughts brief and avoid ALL CAPS. While we respect your first amendment rights, we are obligated to our readers to maintain these standards. Thanks for joining the conversation.

    Big Government Is NOT the Answer

    Your tax dollars are being spent on programs that we really don't need.

    I Agree I Disagree ×

    Get Heritage In Your Inbox — FREE!

    Heritage Foundation e-mails keep you updated on the ongoing policy battles in Washington and around the country.

    ×