{"id":1199,"date":"2009-09-09T00:00:00","date_gmt":"2009-09-09T00:00:00","guid":{"rendered":"http:\/\/blog.njstateauto.com\/auto-industry-news\/recouping-the-bailouts-funded-by-owners-of-used-cars-in-new-york-may-never-happen\/"},"modified":"2009-09-09T00:00:00","modified_gmt":"2009-09-09T00:00:00","slug":"recouping-the-bailouts-funded-by-owners-of-used-cars-in-new-york-may-never-happen","status":"publish","type":"post","link":"https:\/\/www.njstateauto.com\/blog\/recouping-the-bailouts-funded-by-owners-of-used-cars-in-new-york-may-never-happen\/","title":{"rendered":"Recouping the bailouts funded by owners of used cars in New York may never happen"},"content":{"rendered":"

Owners of used cars in New York<\/a>, as well as other taxpayers, are currently on the hook for $74 billion that the U.S. government has invested in Chrysler<\/a> and General Motors. A new report suggests that there’s no way they’ll make all their money back.<\/p>\n

“With the economic suffering the American taxpayers have endured during the past two years one wonders why Chrysler and GM merited such generosity to the exclusion of other taxpayers,” Representative Jeb Hensarling told the Washington Post of the findings. The Republican was a member of the panel that issued the report.<\/p>\n

Roughly $5 billion given to Chrysler isn’t likely to be repaid, and the loans to General Motors would require stock prices many times greater than current levels before the company could afford to pay them back, the newspaper notes.<\/p>\n

Treasury Secretary Timothy Geithner defended the bailouts, saying that there would be benefits to American taxpayers, according to the Detroit News. He did admit that “some scenarios, which in Treasury’s view are more likely, show much lower recoveries for the initial loans made to GM and Chrysler.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Owners of used cars in New York, as well as other taxpayers, are currently on the hook for $74 billion that the U.S. government has invested in Chrysler and General Motors. A new report suggests that there’s no way they’ll make all their money back. “With the economic suffering the American taxpayers have endured during […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,14],"tags":[],"yoast_head":"\nRecouping the bailouts funded by owners of used cars in New York may never happen<\/title>\n<link rel=\"canonical\" href=\"https:\/\/www.njstateauto.com\/blog\/recouping-the-bailouts-funded-by-owners-of-used-cars-in-new-york-may-never-happen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recouping the bailouts funded by owners of used cars in New York may never happen\" \/>\n<meta property=\"og:description\" content=\"Owners of used cars in New York, as well as other taxpayers, are currently on the hook for $74 billion that the U.S. government has invested in Chrysler and General Motors. 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