It's actually unbelievable: The United States government lends an enormous sum of money to General Motors Corporation (NYSE: GM) and Chrysler but insists that they meet certain targets to demonstrate viability. Then the government buys a bunch of cars to help them meet those targets: Can someone please tell me what exactly Bernie Madoff did that was so bad?
This is such a ripoff to the vast majority of US taxpayers who don't care what happens to GM and Chrysler. It amounts to a handout to GM's shareholders and creditors who should have been wiped out long before Uncle Sam got involved.
And why are we buying these cars? Because the government desperately needs new cars? No. Because American-made cars represent the best value? No: If they did, there would be no need for a bailout. No, the United States government is buying cars from GM and Chrysler to help bail out companies that have already received billions of dollar in bailouts and will likely receive many more billions before this is all over.
This is an absolute travesty, and every single American should send hate mail to their Congressman.