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After $700 Million U.S. Bailout, Trucking Firm Is Shutting Down
(www.nytimes.com)
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this post was submitted on 30 Jul 2023
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Remember this when you are told by Economists (who support bailouts) that student loans amnesty is impossible.
There is a large difference between a 700 Million dollar loan and a 40 Billion dollar forgiveness. I'm not saying the student loan forgiveness is bad but there is a big difference in the dollar amounts between these two things.
$757 billion has been forgiven in PPP loans. That $700 million figure is just from Yellow alone.
Forgiving student loans is a drop in the bucket in comparison to the bailouts the wealthy get.
So you are saying it is about the same amount as the GM stock swap that had widespread support?
If you're talking about the 2018 auto bailout, that ended up making the government money because they managed to emerge out from it and the government charged a little interest.
I am talking about the stock swap. You know the giant well over 10 billion dollar wealth transfer that was never paid back. You do know about this as you are talking about it, I trust.
Also I am curious now, why does a car company make the US government money but not people with degrees?
They both do, and the people with degrees make even more money by paying interest on their crushing debt!
The 2008 TARP that bailed out GM and Chrysler may have had widespread support but it wasn't universal. In my opinion it shouldn't have been done either and was probably only necessary because of the original Chrysler bailout back in the day. Without that "The Big Three" would have been subject to market forces and turned into "The Big Two", the healthier market may have kept GM from being in the position to need a bailout.
The other point of note is that GM did repay their loan so at least in that instance it worked out. I have no idea why anyone in the Federal Government thought that Yellow would be able to successfully repay this one.
I specifically mentioned the stock swap not the loan. The swap was never paid back and was +10 billion range.
Universally supported because everyone likes to forget about it.
I had to look that up because honestly I had forgotten about it. It's not that I "like" to, I just did.
The argument that GM should have been required to make up the difference seems reasonable to me, of course I think the bailout was unreasonable in the first place sooooo...
But you knew it at one point. We all did. No one likes the idea that a private company was given well over 10 billion dollars, never paid it back, and the only reason they were given it was because they failed at the free market.
No one wants to remember that they flew in on a private jet to Washington DC to beg for money. No one wants to remember that they were having problems for decades. No one wants to remember the blatant corruption of a Democratic party Congress with a Democratic party president awarding money to a solid blue state. No one wants to remember that they withheld evidence about their ignition locks and a women was falsy imprisoned for years for murder charges. No one wants to remember that they had since the 1970s oil crisis to adapt.
All this stuff you read at one point or heard about on the radio or saw a program on TV or heard someone discussing it. A week from now you will forget it again. Because it was shitty and wrong and they got away with it. It is like a cognitive blindspot.