New York (CNNMoney) - A Congressional oversight panel says that a "starkly improved" outlook for the auto industry has reduced the likely taxpayer loss on the bailout by more than half to about $19 billion.
The previous estimate from the panel was that taxpayers would lose $40 billion of the $81.3 billion given to the automakers and their finance arms from the Troubled Asset Relief Program.
Thankiing our President,once again, for saving my job. This piece of news is good news indeed.
It appears that well thought-out, researched decisions,with input from well-known economists AND businessmen have netted postive results in keeping our nation moving forward.
We might not be recovering as fast as some amnesiacs would like, but the growth is steady and solid.
Bailouts are never a desirable course of action. In this case, though, it was necessary. The economic repecussions of a failed US auto industry would have been felt around the world. It would have turned the "Great Recession" into another "Great Depression". I don't think people understand the impacts the auto industry has on our economy. In the end, $19B might be a bargain.
25% of investment loss, to how many Millions of American jobs saved? Just sayin...How're those apples now, lawmakers who opposed such a "bailout" (ITS A LOAN!)?
Not to mention that GM is a thriving company now, the pace of recovery has been remarkable. Their contribution to the economy over the next few years will easily exceed this expenditure.
If we didn’t bail out the American car company they would have sold to foreign car maker jobs would have gone to overseas
So far good news from Detroit and estate mate loss 40 billion now we may loss 19 billion
So thanks to our president for look after American car companies and jobs
This proves that action was the right move. The name sayers wanted to let them fail and unemployment would be over 20%by now. Thank You President Obama for all you do for the Average Americans.
Just from my little corner of the world a quick view at what industries/business are TIGHTLY linked to the auto industry:
Dealerships, parts manufacturers, rental car companies (they use them at high-end dealerships for loaners), tire vendors, tire manufacturers, body shops, warranty companies, insurance companies, car wash companies, companies that sell tools to mechanics, the companies that make them. And on, and on...
The auto industry's collapse would've taken us under for a REALLY LONG TIME if not straight into Second Depression mode.
We're like an octopus with tentacles everywhere.
If the Automakers would scrap the Unions, they could have made it without taxpayer bailouts... I say let them stand on their own morals or go down.
Well done Mr. President and the dem congress that was in power when this happened. Notice how things are shifting in the positive direction repubs and that he doesn't have a "the sky is falling mentality." It's call patience and it took a little time. It took Obama 2 years and the guess who was in power in the house at that time the dems. DEMS WIN this one well done!!
Will Rush be out of work?
This was the right move. Congrats to our great President.
This is good news. It proves the old adage that you have to spend money to make money. I hope that more Americans will support the American made automobiles.