Actual Grit

The window to the world

Obama Car Czar: We never said taxpayers would get GM bailout money back

Steven Rattner, Obama’s Car Czar, was asked by CNBC if the taxpayers would get paid back by GM. He replied:

No, but we never said the taxpayer was gonna get paid back. We put 82 billion into the car industry as a whole. We will get back all but 4 billion plus or minus of it. But in return for that we saved 2 million jobs in the Midwest and two great American companies. You compare that to the $875 billion dollar stimulus program or the trillions of dollars of QE1,2,3.

I think the tax payers got a good deal.

Here is Obama saying “We are going to get back all the money that we invested in those car companies” (just the beginning portion):

I guess he didn’t mean ‘all of it’, just most of it. I wonder where that 4 billion went?

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One response to “Obama Car Czar: We never said taxpayers would get GM bailout money back

  1. Minneapolis Body Shops January 17, 2012 at 6:52 am

    The bailout was immensely costly but the cost might have been higher without it since we would have thousands more of unemployed people.

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