[Ed. note: Oops]
Most of America’s media think President Obama’s 2009 bailout of General Motors and Chrysler was a huge success.
Former Massachusetts Democratic Congressman Barney Frank threw cold water on this meme on NBC’s Meet the Press Sunday correctly informing viewers that the auto bailout lost money for the federal government. By contrast, we made money from George W. Bush’s 2008 bank bailout (video follows with transcript and commentary):
BARNEY FRANK, FORMER CONGRESSMAN (D-MASSACHUSETTS): First of all, many of the banks didn’t want this money. It’s not that we did it for them. But secondly, the federal government made money on the advances to the banks. What cost us money was the automobile industry bailout. But we made money on the banks.