The Bailout Needs a Bailout
By: Pam On: Dec/30/08 - Leave Your Comment
the Bush Administration’s latest $6 billion bailout of GMAC, bringing the first round of the GM bailout total to $23.4 billion, pushes the total money committed by the Troubled Asset Relief Program past the initial $350 billion authorized by Congress. In other words, TARP now has now made specific promises to spend more money than it actually has the authority to spend. The bailout is now in need of a bailout.
Let me explain this so that it is perfectly clear to you..GM banked on loaning money to sell their cars, yet had no money to loan, so you lent them the money to loan you…
