Automaker Bailout and Uncovering TARP

This is an interesting argument about why the government should not bailout the automakers. The most fascinating part, however, was a summation of the $700 billion bailout and what a disaster that has been. I append his bullet point summation:

Since $700 Billion Bailout Passed

• The S&P collapsed from 1114 on October 3rd to 848 on November 17th. This is a drop of 24%.
• Paulson did not use the funds as requested.
• Bernanke promised to disclose how taxpayer money would be used but has refused to do so.
• Bloomberg has filed a lawsuit against the Fed under the Freedom of Information Act to find out just how Paulson has used the money.
• Not a single job was created with the money.
• Fannie Mae has announced it may need another $100 billion.
• Freddie Mac proclaimed it had negative net worth.
• AIG received another $37 billion.
• Cities and Auto companies now want a share of the $700 Billion.

There was not a single positive result out of the money that was spent.