Gambling on Fiat

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The Chrysler bankruptcy is now official:

Once Chrysler restructures, the company would receive $4.5 billion in financing to restart its operations….That is $2 billion more than Mr. Obama initially said the company would receive if it successfully reached a deal with Fiat.

Chrysler has already received $4.5 billion from the government, under a bailout plan put into effect by the Bush administration in late December….The Canadian government also is expected to provide $1 for every $3 in American support, the official said, meaning Chrysler could receive another $2.6 billion.

So that’s nearly $12 billion in total assistance.  All to prop up a company that, I’ll bet, won’t last two years.  Compared to the vast sums of taxpayer cash we’re handing over to the banking industry practically for free, I suppose this isn’t really all that much, but it’s still pretty hard to swallow since it seems almost vanishingly unlikely that Chrysler will survive in the end.  I mean, does anyone really think that the management genius of Fiat is going to save them?  Fiat?

 

 

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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