Money that will now be billed to the Taxpayer.
The giveaway to GMAC is not only validating GM's failed policies; it is furthermore retroactively financing GM to build inefficient, poorly-designed cars that it pushed onto bad credit risks at inflated prices.
Those who decry the small rebates for hybrids and the very small, or negative, backing of Electric cars should rethink their position; we are now seeing federal subsidies on a massive scale for millions of loans whose only backing, only surety, is decrepit, failing gas-guzzlers that will ultimately be worth no more than junk value.
The congress has gone beyond its failure to enforce higher MPG standards. The congress now is shamefully not only allowing wasteful cars, it is essentially buying up and subsidizing millions of the very cars that led GM to the brink of bankruptcy.
Instead, GM should have simply been required to build plug-in and Electric cars; it would not have cost us a penny, and GM would have been forced to adopt policies that would have led to its survival.
GM, which viciously and perversely arrested its own customer who tried to purchase oil-free EV1 Electric cars, would have been forced instead to sell them for cash money; then, perhaps, the hybrid and Electric car technology would have sustained our own auto industry instead of being outsourced, like our jobs, to other countries.
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