Obama’s TARP Bailouts Fueling Ponzi Economy
Conn Carroll /
The Wall Street Journal reports:
GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said.
The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said.
For those of you keeping score at home, this would be the third time the federal government has bailed out GMAC. This comes on the heel of news that Congress is close to approving an extension of the $8,000 first time home buyer tax credit. Fund My Mutual Fund comments: (more…)