All right, did I miss something?

According to the NY Times, http://projects.nytimes.com/creditcrisis/recipients/table we have given automakers GM and Chrysler almost $25,000,000,000 in bailout monies, the latest being an additional $3,000,000,000 to Chrysler on May 1 this year.

Now, the automakers (Chrysler for sure) are going bankrupt and are going to be bought at fire sale by foreign investors (Fiat for Chrysler).

Wasn’t the argument for the bailout that we could not afford to lose these long standing AMERICAN companies? They are just too important for the US economy.

I’m sure we look like fools again to all of the world.  I want to know what happens to all of this money that has gone to them. We’re talking $10,000,000,000 just to Chrysler. According to the most recent number I could find, Chrysler employs about 77778 worldwide. That comes to about $128,500 per employee.

Want the real problem with this, look at this great article written about the bailout.

Here is an excerpt

Should the U.S. government let Chrysler fail? Let’s reword the question: Should the government force taxpayers to subsidize a company whose products do not meet the market test?

Here’s the catcher, it was written about the first bailout in 1979. And you thought Ozzy was the original Prince of Darkness since 1979.

http://www.cato.org/pubs/pas/PA00Aes.html