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this post was submitted on 10 Jul 2025
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Did you forget all the bailouts US car manufacturers received?
To clarify, the bailouts of US car companies were Chrysler around 1980 and GM and Chrysler around 2008. To help them avoid bankruptcy and the resulting loss of jobs, they received loan guarantees (like having a cosigner) and direct loans, all of which they paid back. I think the public generally has a misconception that a corporate "bailout" means they just giving them money, but it doesn't.
Note - I'm not trying to convince you not to hate corporations, and there's no need for a lecture on how evil they are, I know they are. Just clarifying that one topic.
The program started under W and ended under Obama and I think at the end the government actually made money off the deal.
Don't confuse this with the COVID PPP loans that were given out by Trump, forgiven by Trump, and then had a lot of the records about them destroyed by Trump.
No confusion at all, I was talking about car company bailouts only, since the other person mentioned "all the bailouts US car manufacturers received". I think the Bush/Obama thing you're referring to was TARP, which was for financial institutions.
Sadly, ever since “too big to fail”, any large corporation is now nearly indistinguishable from the federal government. Just another example of socialism for the rich, capitalism for the rest of us.
Not the same thing?