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How's That Bailout Working For GM ... and You?

11:24 AM, Aug 14, 2012 • By GEOFFREY NORMAN
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Not so hot, it seems. First, there is the simple matter of costs.  

The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.

But taxpayers might, might be willing to accept that sort of overrun – after all, when was the last time anything done by Washington came in at, or under, budget – if there were reason to be hopeful about the long run.  The long run, that is, that occurs sometime before we are all dead. In the case of GM, this appears to be a forlorn hope. The great behemoth of Detroit seems to be going back to its old ways. Which, in the opinion of Keith Crain, editor in chief of Automotive News, means the company is going from bad to worse.

In fact, GM can't even give away money without stepping in it.

Oh, well. The bailout seemed like a good idea at the time. And it is only money.

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