How much more of this governmental bull crap does the American citizen have to take? The government takes our hard-earned money and passes it out like “snowflakes”. We try to bailout the Airlines. The executives buy private jets. We try to bailout the auto industry. They keep coming back for more. However, the American citizen works hard and long to provide a decent living for the family. In most households both the male and female have to work to sustain even a comfortable living with many surviving from paycheck to paycheck. Yet, John Doe misses a payment on a bill of $39.00 and he receives phone calls and letters. The phone calls come early morning or late at night.
We have allowed abortions, which means there are millions of non-existent taxpayers. The baby boomers are beginning to retire. This is going to cause a tremendous downfall. The United States is up past its neck in debt. The United States is no longer the #1 Superpower in the world. We are presently engaged in a war for people that don’t want us there. We have terrorists that believe that if they die they are going to the Spirit World. We have major concerns in regards to North Korea and the Soviet Nations.
Why wasn’t the money given to the people? They would have bought items to stimulate the economy.
GMAC is expected to receive $3.5 billion more in federal aid to further stabilize the lender, The Wall Street Journal reported Tuesday.
The announcement is expected within days and would coincide with GMAC taking more steps to absorb losses related to its mortgage operations, the newspaper reported, citing people familiar with the situation.
GMAC, which is based in Detroit, has received $12.5 billion in taxpayer money and is 35 percent owned by the federal government. Results of the federal government’s “stress tests” earlier this year demanded that GMAC raise an $11.5 billion capital cushion to help it weather further economic decline. GMAC was unable to raise the funds privately.
The Journal quoted a source as saying that the measure has been crafted to return the company to profitability in the first quarter of 2010.
The new capital will likely allow GMAC to avert placing its ailing mortgage unit, Residential Capital LLC, or ResCap, into bankruptcy, the Journal reported.
GMAC spokeswoman Gina Proia declined comment on the newspaper report but said the company “has been conducting a strategic review of its business and evaluating options to address the challenges in its mortgage operation.”
Proia said GMAC was trying to position itself to improve its financial performance and repay the U.S. government.
Treasury spokesman Andrew Williams also declined comment on the report but reiterated that Treasury is in discussions with GMAC “to ensure its capital needs” as determined by the stress tests.
GMAC, instrumental to the operations of auto-makers General Motors Co. and Chrysler Group LLC, has been in negotiations with Treasury officials for months over additional taxpayer aid.
Michael Carpenter, who succeeded Alvaro De Molina as the company’s chief executive officer in November, has said the company would need no more than $5.6 billion in aid. Lawmakers estimated the company would receive between $2 billion and $5 billion in additional aid.Share on Facebook