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Thursday, April 30, 2009

Predictable: Chrysler Files For Ch. 11, Billions in Tax Dollars Wasted

After the Bush and Obama administrations poured billions into a dying company to stave off bankruptcy, Chrysler ended up filing for Ch. 11 protection anyway:

Chrysler will have a "new lease on life" now that the American automaker has decided to file for Chapter 11 bankruptcy, President Obama said Thursday.

Why is the administration acting so optimistic all of a sudden? They were predicting catastrophy, if any of the Big 3 filed for bankruptcy. Now, they act like Chrysler will come out of this like a new born baby.

Where was this optimism months ago when they were declared "too big to fail"? They should have went through Ch. 11 months ago and saved the American people billions of money.

Unfortunately, Obama hasn't wised up, yet. He plans on sending more of our money to Chrysler:

The company will be eligible for up to $8 billion in federal aid to rebuild the ailing automaker, according to senior administration officials. The officials say they expect the bankruptcy to last only 60 days, giving Chrysler time to finalize a partnership with Fiat.

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