GMAC Bailout Moves Ahead
“The government was moving ahead Wednesday on a fresh multibillion dollar cash infusion to stabilize auto financing company GMAC Financial Services, according to a person with knowledge of the matter.
“GMAC, based in Detroit, is instrumental to the operations of automakers General Motors Co. and Chrysler Group LLC. It has already received $12.5 billion in taxpayer money and is 35 percent owned by the federal government.” (AP, Thursday)
I’m wondering why they don’t just give us cars.
FEE Timely Classic:
“Henry Ford and the Triumph of the Auto Industry” by Burton Folsom Jr.
